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Choo Chiang H2 profit falls YOY

Choo Chiang Holdings Ltd. said its normalized net income for the second half came to S$1.1 million, a decline of 27.5% from S$1.5 million in the prior-year period.

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

Total revenue decreased 5.5% on an annual basis to S$33.4 million from S$35.4 million, and total operating expenses declined from the prior-year period to S$31.6 million from S$32.9 million.

Reported net income decreased 32.0% from the prior-year period to S$1.4 million, or 1 cents per share, from S$2.1 million, or 2 cents per share.

For the year, the company's normalized net income totaled 1 cents per share, a decrease of 47.7% from 3 cents per share in the prior year.

Normalized net income was S$2.7 million, a decline of 36.1% from S$4.3 million in the prior year.

Full-year total revenue decreased 7.7% from the prior-year period to S$65.0 million from S$70.4 million, and total operating expenses fell on an annual basis to S$60.4 million from S$63.2 million.

The company said reported net income decreased 39.0% on an annual basis to S$3.6 million, or 2 cents per share, in the full year, from S$5.9 million, or 3 cents per share.

As of April 11, US$1 was equivalent to S$1.34.