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Huan Hsin Q1 loss narrows YOY

Huan Hsin Holdings Ltd. said its normalized net income for the first quarter was a loss of 2 Singapore cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of S$7.3 million, compared with a loss of S$7.5 million in the year-earlier period.

The normalized profit margin fell to negative 45.6% from negative 18.3% in the year-earlier period.

Total revenue declined 61.0% year over year to S$16.0 million from S$40.9 million, and total operating expenses declined 56.8% on an annual basis to S$23.5 million from S$54.5 million.

Reported net income totaled a loss of S$11.7 million, or a loss of 3 cents per share, compared to a loss of S$12.1 million, or a loss of 3 cents per share, in the year-earlier period.

As of May 13, US$1 was equivalent to S$1.37.