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Qian Hu swings to loss in Q2

Qian Hu Corp. Ltd. said its normalized net income for the second quarter amounted to a loss of S$48,490, compared with income of S$7,880 in the year-earlier period.

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

The normalized profit margin fell to negative 0.3% from 0.0% in the year-earlier period.

Total revenue declined on an annual basis to S$19.1 million from S$20.0 million, and total operating expenses decreased from the prior-year period to S$19.0 million from S$19.9 million.

Reported net income totaled S$15,000, or 0 cents per share, compared to S$12,000, or 0 cents per share, in the prior-year period.

As of July 19, US$1 was equivalent to S$1.35.