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Hi-P International Q1 loss narrows YOY

Hi-P International Ltd. said its normalized net income for the first quarter came to a loss of S$6.5 million, compared with a loss of S$7.4 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 increased to negative 2.3% from negative 2.7% in the year-earlier period.

Total revenue fell year over year to S$275.6 million from S$279.8 million, and total operating expenses declined 6.5% from the prior-year period to S$279.6 million from S$299.0 million.

Reported net income came to a loss of S$12.4 million, or a loss of 2 cents per share, compared to a loss of S$13.8 million, or a loss of 2 cents per share, in the prior-year period.

As of May 5, US$1 was equivalent to S$1.36.