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Qian Hu Q2 profit falls YOY

Qian Hu Corp. Ltd. said its normalized net income for the second quarter came to S$7,880, a decline of 75.9% from S$32,730 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 0.0% from 0.2% in the year-earlier period.

Total revenue declined 5.0% year over year to S$20.0 million from S$21.1 million, and total operating expenses decreased year over year to S$19.9 million from S$20.9 million.

Reported net income decreased 45.5% on an annual basis to S$12,000, or 0 cents per share, from S$22,000, or 0 cents per share.

As of July 16, US$1 was equivalent to S$1.37.