TLV Holdings Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to S$547,500, a decline of 73.7% from S$2.1 million in the prior-year 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 5.1% in the year-earlier period.

Total revenue decreased 22.5% on an annual basis to S$31.6 million from S$40.8 million, and total operating expenses declined 17.0% year over year to S$30.4 million from S$36.7 million.

Reported net income decreased 85.4% year over year to S$405,000, or 0 cents per share, from S$2.8 million, or 1 cents per share.

As of Feb. 5, US$1 was equivalent to S$1.41.