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Hour Glass fiscal Q1 profit falls YOY

Hour Glass Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to S$6.5 million, a decrease of 6.0% from S$7.0 million 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 4.2% from 4.5% in the year-earlier period.

Total revenue grew year over year to S$157.2 million from S$154.8 million, and total operating expenses grew on an annual basis to S$147.3 million from S$143.5 million.

Reported net income decreased 5.0% from the prior-year period to S$8.4 million, or 1 cents per share, from S$8.8 million, or 1 cents per share.

As of Aug. 5, US$1 was equivalent to S$1.25.