Chew's Group Ltd. said its normalized net income for the fiscal first half ended March 31 came to 2 Singapore cents per share, a decline of 10.2% from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$1.4 million, a decrease of 10.2% from S$1.6 million in the year-earlier period.

Total revenue fell on an annual basis to S$16.1 million from S$16.8 million, and total operating expenses fell from the prior-year period to S$13.7 million from S$14.3 million.

Reported net income declined 41.3% year over year to S$1.1 million, or 1 cents per share, from S$1.8 million, or 2 cents per share.

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