SUTL Enterprise Ltd said its first-quarter normalized net income amounted to S$643,130, a decrease of 20.5% from S$808,750 in the prior-year period.

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

The normalized profit margin declined to 10.7% from 11.3% in the year-earlier period.

Total revenue fell 6.5% on an annual basis to S$6.7 million from S$7.2 million, and total operating expenses fell year over year to S$5.6 million from S$5.8 million.

Reported net income fell 26.9% from the prior-year period to S$783,000, or 1 cents per share, from S$1.1 million, or 3 cents per share.

As of May 6, US$1 was equivalent to S$1.36.