San Teh Ltd. said its first-quarter normalized net income amounted to a loss of S$2.3 million, compared with income of S$800,500 in the year-earlier period.

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

The normalized profit margin declined to negative 70.8% from 13.1% in the year-earlier period.

Total revenue decreased 46.4% on an annual basis to S$3.3 million from S$6.1 million, and total operating expenses fell 31.5% from the prior-year period to S$5.2 million from S$7.6 million.

Reported net income totaled a loss of S$3.9 million, or a loss of 1 cents per share, compared to income of S$1.2 million, or 0 cents per share, in the year-earlier period.

As of April 29, US$1 was equivalent to S$1.34.