Zheng Li Holdings Ltd. said its normalized net income for the third quarter was S$131,880, a decrease of 69.0% from S$425,000 in the year-earlier period.

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

The normalized profit margin fell to 2.9% from 11.0% in the year-earlier period.

Total revenue rose 18.2% on an annual basis to S$4.6 million from S$3.9 million, and total operating expenses climbed 37.6% from the prior-year period to S$4.4 million from S$3.2 million.

Reported net income came to a loss of S$2,000, compared with income of S$563,000, or 0 cents per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to S$1.42.