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Ossia International fiscal Q2 loss widens 61.2% YOY


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Ossia International fiscal Q2 loss widens 61.2% YOY

Ossia International Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of S$943,380, compared with a loss of S$585,130 in the prior-year period.

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

The normalized profit margin dropped to negative 11.6% from negative 4.3% in the year-earlier period.

Total revenue fell 39.8% on an annual basis to S$8.1 million from S$13.5 million, and total operating expenses decreased 31.2% on an annual basis to S$9.2 million from S$13.3 million.

Reported net income totaled a loss of S$1.5 million, or a loss of 1 cents per share, compared to a loss of S$883,000, or a loss of 0 cents per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to S$1.42.