Breadtalk Group Ltd. said its normalized net income for the third quarter amounted to S$1.7 million, a decrease of 44.1% from S$3.1 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 fell to 1.1% from 2.0% in the year-earlier period.

Total revenue rose on an annual basis to S$161.7 million from S$154.5 million, and total operating expenses grew 6.6% year over year to S$161.1 million from S$151.1 million.

Reported net income decreased 59.7% on an annual basis to S$1.6 million, or 1 cents per share, from S$3.9 million, or 1 cents per share.

As of Nov. 9, US$1 was equivalent to S$1.42.