Pavillon Holdings Ltd. said its full-year normalized net income came to a loss of S$1.3 million, compared with a loss of S$52,000 in the year-earlier period.

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

The normalized profit margin declined to negative 9.3% from negative 0.4% in the year-earlier period.

Total revenue decreased on an annual basis to S$13.5 million from S$13.8 million, and total operating expenses rose year over year to S$15.7 million from S$15.1 million.

Reported net income came to a loss of S$2.1 million, or a loss of 1 cents per share, compared to a loss of S$128,470, or a loss of 0 cents per share, in the year-earlier period.

As of April 12, US$1 was equivalent to S$1.35.