Hotel Grand Central Ltd. said its normalized net income for the first quarter came to S$2.7 million, a fall of 58.5% from S$6.6 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 8.1% from 17.3% in the year-earlier period.
Total revenue declined 11.5% year over year to S$33.8 million from S$38.1 million, and total operating expenses decreased 6.0% year over year to S$28.8 million from S$30.6 million.
Reported net income increased from the prior-year period to S$76.6 million, or 12 cents per share, from S$9.9 million, or 2 cents per share.
As of May 14, US$1 was equivalent to S$1.32.
