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TT International fiscal Q1 loss widens YOY

TT International Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of S$7.9 million, compared with a loss of S$2.2 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 declined to negative 11.9% from negative 2.8% in the year-earlier period.

Total revenue declined 16.4% year over year to S$66.0 million from S$79.0 million, and total operating expenses declined 7.2% from the prior-year period to S$71.5 million from S$77.0 million.

Reported net income totaled a loss of S$12.8 million, or a loss of 2 cents per share, compared to a loss of S$3.6 million, or a loss of 0 cents per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to S$1.25.