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Ossia International fiscal Q1 loss narrows YOY

Ossia International Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of S$581,750, compared with a loss of S$1.3 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 rose to negative 5.0% from negative 9.2% in the year-earlier period.

Total revenue declined 16.6% on an annual basis to S$11.6 million from S$13.9 million, and total operating expenses declined 22.8% on an annual basis to S$12.3 million from S$15.9 million.

Reported net income came to a loss of S$957,000, or a loss of 0 cents per share, compared to a loss of S$2.2 million, or a loss of 1 cents per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to S$1.25.