Informatics Education Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of S$1.4 million, compared with income of S$396,250 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 35.9% from 6.5% in the year-earlier period.
Total revenue fell 37.9% year over year to S$3.8 million from S$6.1 million, and total operating expenses climbed 5.5% on an annual basis to S$6.0 million from S$5.6 million.
Reported net income came to a loss of S$2.2 million, or a loss of 3 cents per share, compared to income of S$577,830, or 1 cents per share, in the prior-year period.
As of Aug. 12, US$1 was equivalent to S$1.25.
