Old Chang Kee Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to S$941,880, a decrease of 31.7% from S$1.4 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 5.0% from 7.2% in the year-earlier period.

Total revenue declined on an annual basis to S$18.9 million from S$19.2 million, and total operating expenses grew on an annual basis to S$17.5 million from S$17.2 million.

Reported net income fell 35.3% year over year to S$1.2 million, or 1 cents per share, from S$1.9 million, or 2 cents per share.

As of Feb. 4, US$1 was equivalent to S$1.40.