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Advanced Systems Automation Q1 loss narrows YOY

Advanced Systems Automation Ltd. said its normalized net income for the first quarter came to a loss of S$807,750, compared with a loss of S$1.0 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 increased to negative 16.2% from negative 16.9% in the year-earlier period.

Total revenue declined 19.5% on an annual basis to S$5.0 million from S$6.2 million, and total operating expenses fell 20.4% year over year to S$6.2 million from S$7.8 million.

Reported net income came to a loss of S$1.2 million, or a loss of 0 cents per share, compared to a loss of S$1.8 million, or a loss of 0 cents per share, in the year-earlier period.

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