Challenger Technologies Ltd. said its normalized net income for the first quarter was S$2.8 million, an increase from S$2.8 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 climbed to 3.4% from 3.2% in the year-earlier period.

Total revenue fell on an annual basis to S$83.8 million from S$85.4 million, and total operating expenses declined on an annual basis to S$79.4 million from S$80.9 million.

Reported net income increased 11.8% year over year to S$3.7 million, or 1 cents per share, from S$3.3 million, or 1 cents per share.

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