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Second Chance Properties fiscal Q1 profit climbs YOY

Second Chance Properties Ltd. said its normalized net income for the fiscal first quarter ended Nov. 30 amounted to S$2.1 million, a rise from S$2.0 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 15.0% from 22.2% in the year-earlier period.

Total revenue decreased on an annual basis to S$8.8 million from S$9.2 million, and total operating expenses decreased 10.7% year over year to S$5.2 million from S$5.8 million.

Reported net income decreased 55.8% year over year to S$1.7 million, or 0 cents per share, from S$3.9 million, or 1 cents per share.

As of Dec. 31, US$1 was equivalent to S$1.33.