Hong Lai Huat Group Ltd. said its normalized net income for the third quarter amounted to S$402,000, a fall of 66.8% from S$1.2 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 20.9% from 84.7% in the year-earlier period.
Total revenue rose 34.3% on an annual basis to S$1.9 million from S$1.4 million, and total operating expenses declined 54.0% from the prior-year period to S$1.8 million from S$3.8 million.
Reported net income decreased 67.0% year over year to S$640,610, or 0 cents per share, from S$1.9 million, or 0 cents per share.
As of Nov. 7, US$1 was equivalent to S$1.39.