Straco Corp. Ltd. said its normalized net income for the first quarter came to S$7.1 million, a fall from S$7.3 million 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 26.7% from 28.8% in the year-earlier period.

Total revenue rose 5.1% on an annual basis to S$26.4 million from S$25.2 million, and total operating expenses rose 16.2% year over year to S$15.0 million from S$12.9 million.

Reported net income declined from the prior-year period to S$8.3 million, or 1 cents per share, from S$8.7 million, or 1 cents per share.

As of May 10, US$1 was equivalent to S$1.37.