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Artivision Technologies fiscal Q3 loss widens YOY

Artivision Technologies Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of S$1.6 million, compared with a loss of S$468,130 in the year-earlier period.

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

The normalized profit margin dropped to negative 49.1% from negative 23.3% in the year-earlier period.

Total revenue increased 61.8% on an annual basis to S$3.2 million from S$2.0 million, and total operating expenses increased 99.9% on an annual basis to S$5.6 million from S$2.8 million.

Reported net income totaled a loss of S$2.6 million, or a loss of 0 cents per share, compared to a loss of S$710,740, or a loss of 0 cents per share, in the prior-year period.

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