Second Chance Properties Ltd. said its normalized net income for the fiscal third quarter ended May 31 was S$2.4 million, a fall of 11.9% from S$2.7 million in the prior-year period.

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

The normalized profit margin declined to 23.0% from 25.4% in the year-earlier period.

Total revenue declined on an annual basis to S$10.2 million from S$10.5 million, and total operating expenses grew 6.2% on an annual basis to S$6.2 million from S$5.9 million.

Reported net income declined 27.6% year over year to S$3.1 million, or 0 cents per share, from S$4.3 million, or 1 cents per share.

As of June 29, US$1 was equivalent to S$1.35.