Hanwell Holdings Ltd. said its first-quarter normalized net income amounted to S$1.8 million, an increase of 59.1% from S$1.2 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 increased to 1.9% from 1.1% in the year-earlier period.
Total revenue fell on an annual basis to S$100.1 million from S$101.5 million, and total operating expenses fell on an annual basis to S$97.1 million from S$98.4 million.
Reported net income grew from the prior-year period to S$3.6 million, or 1 cents per share, from S$256,000, or 0 cents per share.
As of May 8, US$1 was equivalent to S$1.33.
