Mercurius Capital Investment Ltd said its normalized net income for the first quarter was S$405,000, compared with a loss of S$161,880 in the year-earlier period.

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

Total revenue decreased 79.5% on an annual basis to S$662,000 from S$3.2 million, and total operating expenses fell 76.7% from the prior-year period to S$907,000 from S$3.9 million.

Reported net income totaled S$648,000, or 0 cents per share, compared to a loss of S$259,000, or a loss of 0 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to S$1.37.