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Straco Q2 profit falls YOY

Straco Corp. Ltd. said its normalized net income for the second quarter amounted to S$8.2 million, a decline of 11.2% from S$9.3 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 fell to 29.5% from 31.5% in the year-earlier period.

Total revenue decreased 5.2% year over year to S$27.9 million from S$29.4 million, and total operating expenses declined year over year to S$14.4 million from S$14.7 million.

Reported net income fell 11.8% from the prior-year period to S$9.3 million, or 1 cents per share, from S$10.5 million, or 1 cents per share.

As of Aug. 10, US$1 was equivalent to S$1.34.