KOP Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was S$13.6 million, compared with a loss of S$1.0 million in the year-earlier period.

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

Total revenue fell 47.5% year over year to S$3.0 million from S$5.6 million, and total operating expenses climbed on an annual basis to S$25.8 million from S$1.5 million.

Reported net income came to a loss of S$21.1 million, or a loss of 2 cents per share, compared to a loss of S$1.9 million, or a loss of 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled S$8.4 million, compared with a loss of S$-844,880 in the prior year.

Full-year total revenue fell 16.1% on an annual basis to S$18.6 million from S$22.1 million, and total operating expenses increased 112.1% on an annual basis to S$51.0 million from S$24.0 million.

The company said reported net income totaled S$12.6 million, or 1 cents per share, in the full year, compared with a loss of S$1.9 million, or a loss of 0 cents per share, the prior year.

As of July 10, US$1 was equivalent to S$1.35.