Mercurius Capital Investment Ltd said its first-quarter normalized net income came to a loss of S$161,880, compared with income of S$246,880 in the year-earlier period.

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

The normalized profit margin dropped to negative 5.0% from 2.8% in the year-earlier period.

Total revenue fell 63.1% year over year to S$3.2 million from S$8.7 million, and total operating expenses decreased 52.9% year over year to S$3.9 million from S$8.3 million.

Reported net income came to a loss of S$259,000, or a loss of 0 cents per share, compared to income of S$397,000, or 0 cents per share, in the year-earlier period.

As of May 15, US$1 was equivalent to S$1.32.