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Travelite Holdings swings to loss in fiscal H2

Travelite Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of 1 Singapore cents per share, compared with 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of S$803,750, compared with income of S$2.1 million in the prior-year period.

Total revenue decreased 30.5% year over year to S$25.1 million from S$36.1 million, and total operating expenses declined 20.1% on an annual basis to S$25.9 million from S$32.5 million.

Reported net income totaled a loss of S$2.7 million, or a loss of 4 cents per share, compared to income of S$911,000, or 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 3 cents per share, compared with 2 cents per share in the prior year.

Normalized net income was a loss of S$1.8 million, compared with income of S$1.5 million in the prior year.

Full-year total revenue decreased 31.5% year over year to S$46.1 million from S$67.3 million, and total operating expenses decreased 24.0% on an annual basis to S$48.5 million from S$63.8 million.

The company said reported net income came to a loss of S$4.5 million, or a loss of 7 cents per share, in the full year, compared with a loss of S$197,000, or a loss of 0 cents per share, the prior year.

As of July 8, US$1 was equivalent to S$1.35.