Second Chance Properties Ltd. said its normalized net income for the fiscal third quarter ended May 31 was S$1.8 million, a fall of 28.1% from S$2.5 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 increased to 25.4% from 23.0% in the year-earlier period.

Total revenue fell year over year to S$10.5 million from S$10.8 million, and total operating expenses rose 8.6% from the prior-year period to S$6.7 million from S$6.2 million.

Reported net income decreased 7.4% from the prior-year period to S$4.0 million, or 1 cents per share, from S$4.3 million, or 0 cents per share.

As of July 13, US$1 was equivalent to S$1.36.