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Courts Asia fiscal Q3 profit falls YOY

Courts Asia Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was S$3.2 million, a fall of 37.4% from S$5.2 million 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 1.7% from 2.5% in the year-earlier period.

Total revenue fell 4.9% year over year to S$193.3 million from S$203.3 million, and total operating expenses fell on an annual basis to S$182.2 million from S$190.8 million.

Reported net income declined 35.8% year over year to S$4.0 million, or 1 cents per share, from S$6.3 million, or 1 cents per share.

As of Feb. 12, US$1 was equivalent to S$1.36.