Challenger Technologies Ltd. said its third-quarter normalized net income amounted to S$2.2 million, a decrease of 8.9% from S$2.4 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 increased to 3.0% from 2.7% in the year-earlier period.

Total revenue fell 15.6% year over year to S$74.4 million from S$88.2 million, and total operating expenses fell 15.9% on an annual basis to S$71.0 million from S$84.5 million.

Reported net income declined 49.8% year over year to S$1.7 million, or 1 cents per share, from S$3.5 million, or 1 cents per share.

As of Nov. 1, US$1 was equivalent to S$1.39.