Old Chang Kee Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to S$998,750, a fall of 10.2% from S$1.1 million 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 5.5% from 6.5% in the year-earlier period.

Total revenue climbed 6.6% on an annual basis to S$18.2 million from S$17.1 million, and total operating expenses rose 7.5% year over year to S$16.7 million from S$15.5 million.

Reported net income declined year over year to S$1.4 million, or 1 cents per share, from S$1.5 million, or 1 cents per share.

As of Aug. 13, US$1 was equivalent to S$1.40.