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Pine Capital swings to loss in fiscal Q3

Pine Capital Group Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of S$108,750, compared with income of S$61,880 in the prior-year period.

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

The normalized profit margin fell to negative 60.8% from 9.3% in the year-earlier period.

Total revenue fell 73.2% on an annual basis to S$179,000 from S$668,000, and total operating expenses fell 41.8% on an annual basis to S$385,000 from S$661,000.

Reported net income came to a loss of S$195,000, or a loss of 0 cents per share, compared to income of S$85,000, or 0 cents per share, in the year-earlier period.

As of Feb. 5, US$1 was equivalent to S$1.41.