TT International Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of S$12.2 million, compared with a loss of S$7.9 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 increased to negative 4.8% from negative 11.9% in the year-earlier period.

Total revenue increased 47.0% on an annual basis to S$97.1 million from S$66.0 million, and total operating expenses rose 44.6% on an annual basis to S$103.3 million from S$71.5 million.

Reported net income came to a loss of S$18.0 million, or a loss of 2 cents per share, compared to a loss of S$12.8 million, or a loss of 2 cents per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to S$1.41.