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HL Global Enterprises Q1 loss narrows YOY

HL Global Enterprises Ltd said its normalized net income for the first quarter came to a loss of S$810,630, compared with a loss of S$943,750 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 30.6% from negative 65.6% in the year-earlier period.

Total revenue grew 84.2% year over year to S$2.7 million from S$1.4 million, and total operating expenses increased 84.3% from the prior-year period to S$2.8 million from S$1.5 million.

Reported net income came to a loss of S$1.3 million, or a loss of 1 cents per share, compared to a loss of S$1.6 million, or a loss of 2 cents per share, in the year-earlier period.

As of April 21, US$1 was equivalent to S$1.35.