YHI International Ltd. said its first-quarter normalized net income was S$1.9 million, a fall of 20.4% from S$2.3 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 fell to 1.4% from 1.9% in the year-earlier period.

Total revenue rose 7.9% on an annual basis to S$130.0 million from S$120.5 million, and total operating expenses increased 8.8% year over year to S$126.4 million from S$116.1 million.

Reported net income rose 8.4% year over year to S$2.1 million, or 1 cents per share, from S$1.9 million, or 1 cents per share.

As of May 12, US$1 was equivalent to S$1.34.