Second Chance Properties Ltd. said its normalized net income for the fiscal first quarter ended Nov. 30 amounted to S$1.2 million, a fall of 6.5% from S$1.3 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 15.1% from 15.0% in the year-earlier period.

Total revenue declined 7.1% year over year to S$8.2 million from S$8.8 million, and total operating expenses decreased from the prior-year period to S$5.8 million from S$5.9 million.

Reported net income increased 48.4% year over year to S$2.5 million, or 0 cents per share, from S$1.7 million, or 0 cents per share.

As of Dec. 31, US$1 was equivalent to S$1.42.