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Courts Asia fiscal Q4 profit falls YOY

Courts Asia Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was S$5.3 million, a decline of 29.0% from S$7.4 million in the prior-year period.

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

The normalized profit margin fell to 2.7% from 3.6% in the year-earlier period.

Total revenue decreased 7.0% on an annual basis to S$192.5 million from S$207.0 million, and total operating expenses fell 5.8% year over year to S$179.8 million from S$190.9 million.

Reported net income fell 16.4% year over year to S$6.5 million, or 1 cents per share, from S$7.8 million, or 1 cents per share.

For the year, the company's normalized net income totaled 2 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3 cents.

EPS declined 41.7% from 4 cents in the prior year.

Normalized net income was S$13.7 million, a decline of 42.4% from S$23.8 million in the prior year.

Full-year total revenue declined 8.6% year over year to S$758.5 million from S$830.3 million, and total operating expenses declined 7.4% on an annual basis to S$717.5 million from S$775.0 million.

The company said reported net income fell 38.7% on an annual basis to S$17.3 million, or 3 cents per share, in the full year, from S$28.3 million, or 5 cents per share.

As of July 16, US$1 was equivalent to S$1.37.