Challenger Technologies Ltd. said its first-quarter normalized net income amounted to S$2.9 million, compared with S$2.8 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 declined to 3.2% from 3.4% in the year-earlier period.

Total revenue increased 7.9% year over year to S$90.4 million from S$83.8 million, and total operating expenses rose 8.2% from the prior-year period to S$86.0 million from S$79.4 million.

Reported net income grew from the prior-year period to S$3.8 million, or 1 cents per share, from S$3.7 million, or 1 cents per share.

As of May 9, US$1 was equivalent to S$1.37.