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Qian Hu swings to loss in Q1

Qian Hu Corp. Ltd. said its first-quarter normalized net income amounted to a loss of S$75,550, compared with income of S$67,340 in the prior-year period.

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

The normalized profit margin declined to negative 0.4% from 0.3% in the year-earlier period.

Total revenue declined 5.6% year over year to S$19.6 million from S$20.8 million, and total operating expenses fell from the prior-year period to S$19.5 million from S$20.5 million.

Reported net income fell 89.3% on an annual basis to S$12,000, or 0 cents per share, from S$112,000, or 0 cents per share.

As of April 18, US$1 was equivalent to S$1.35.