Lorenzo International Ltd. said its first-half normalized net income was a loss of S$2.6 million, compared with a loss of S$2.3 million in the year-earlier period.

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

Total revenue declined 26.5% year over year to S$22.0 million from S$30.0 million, and total operating expenses decreased 26.0% from the prior-year period to S$24.8 million from S$33.5 million.

Reported net income came to a loss of S$4.1 million, or a loss of 1 cents per share, compared to a loss of S$3.9 million, or a loss of 1 cents per share, in the year-earlier period.

As of Aug. 8, US$1 was equivalent to S$1.35.