Overseas Education Ltd. said its normalized net income for the first quarter amounted to S$1.5 million, a fall of 64.9% from S$4.2 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 6.3% from 17.2% in the year-earlier period.

Total revenue declined on an annual basis to S$23.6 million from S$24.5 million, and total operating expenses increased 8.2% year over year to S$19.3 million from S$17.8 million.

Reported net income declined 78.6% from the prior-year period to S$1.2 million, or 0 cents per share, from S$5.8 million, or 1 cents per share.

As of May 10, US$1 was equivalent to S$1.37.