The Place Holdings Ltd. said its first-quarter normalized net income was a loss of S$2.0 million, compared with a loss of S$168,250 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 negative 20.3% from negative 1.0% in the year-earlier period.

Total revenue fell 42.0% year over year to S$9.9 million from S$17.0 million, and total operating expenses declined 28.5% from the prior-year period to S$12.7 million from S$17.7 million.

Reported net income came to a loss of S$3.4 million, or a loss of 1 cents per share, compared to income of S$171,000, or 0 cents per share, in the prior-year period.

As of April 26, US$1 was equivalent to S$1.35.