Overseas Education Ltd. said its normalized net income for the third quarter came to S$1.1 million, a fall of 71.6% from S$4.0 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 dropped to 4.8% from 16.1% in the year-earlier period.

Total revenue declined 5.2% year over year to S$23.4 million from S$24.7 million, and total operating expenses increased 5.9% from the prior-year period to S$19.6 million from S$18.5 million.

Reported net income fell 69.2% from the prior-year period to S$1.7 million, or 0 cents per share, from S$5.4 million, or 1 cents per share.

As of Nov. 11, US$1 was equivalent to S$1.42.