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United International Enterprises Q1 profit falls YOY

United International Enterprises Ltd said its normalized net income for the first quarter was 80 cents per share, a decline of 52.9% from $1.70 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.8 million, a decrease of 54.2% from $6.2 million in the year-earlier period.

The normalized profit margin declined to 5.2% from 7.8% in the year-earlier period.

Total revenue declined 18.2% on an annual basis to $64.8 million from $79.2 million, and total operating expenses decreased 17.8% from the prior-year period to $44.2 million from $53.7 million.

Reported net income decreased 8.1% on an annual basis to $23.0 million, or $6.46 per share, from $25.0 million, or $6.83 per share.