CASA Holdings Ltd. said its normalized net income for the fiscal first half ended March 31 was S$1.0 million, a decrease of 42.1% from S$1.8 million in the year-earlier period.

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

Total revenue decreased 23.3% year over year to S$11.8 million from S$15.4 million, and total operating expenses fell 15.6% on an annual basis to S$12.3 million from S$14.5 million.

Reported net income fell 58.3% year over year to S$1.0 million, or 0 cents per share, from S$2.4 million, or 1 cents per share.

As of May 12, US$1 was equivalent to S$1.34.