Overseas Education Ltd. said its normalized net income for the third quarter came to S$406,250, a decrease of 64.1% from S$1.1 million 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 1.9% from 4.8% in the year-earlier period.
Total revenue fell 7.3% on an annual basis to S$21.7 million from S$23.4 million, and total operating expenses declined from the prior-year period to S$19.0 million from S$19.6 million.
Reported net income declined 75.0% on an annual basis to S$415,360, or 0 cents per share, from S$1.7 million, or 0 cents per share.
As of Nov. 8, US$1 was equivalent to S$1.39.