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Kitchen Culture Holdings swings to loss in H1

Kitchen Culture Holdings Ltd. said its first-half normalized net income came to a loss of S$868,360, compared with income of S$23,420 in the year-earlier period.

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

Total revenue decreased 10.0% year over year to S$12.8 million from S$14.2 million, and total operating expenses fell on an annual basis to S$13.9 million from S$14.3 million.

Reported net income totaled a loss of S$1.4 million, or a loss of 1 cents per share, compared to income of S$490,110, or 0 cents per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to S$1.34.