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ASTI Holdings swings to loss in Q1

ASTI Holdings Ltd. said its first-quarter normalized net income was a loss of S$552,500, compared with income of S$2.6 million in the prior-year period.

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

The normalized profit margin declined to negative 1.7% from 7.8% in the year-earlier period.

Total revenue declined year over year to S$32.6 million from S$33.7 million, and total operating expenses grew 9.5% from the prior-year period to S$35.8 million from S$32.7 million.

Reported net income totaled a loss of S$2.0 million, or a loss of 0 cents per share, compared to income of S$5.1 million, or 1 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to S$1.37.