Cortina Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 30 was S$817,130, a decline of 61.9% from S$2.1 million in the year-earlier period.

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

The normalized profit margin declined to 1.6% from 2.3% in the year-earlier period.

Total revenue decreased 10.0% on an annual basis to S$82.9 million from S$92.1 million, and total operating expenses fell 7.1% on an annual basis to S$81.6 million from S$87.8 million.

Reported net income declined 62.5% on an annual basis to S$1.4 million, or 1 cents per share, from S$3.8 million, or 2 cents per share.

As of Aug. 12, US$1 was equivalent to S$1.40.