Informatics Education Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 2 Singapore cents per share, compared with a loss of 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of S$1.7 million, compared with a loss of S$1.4 million in the prior-year period.

The normalized profit margin dropped to negative 66.5% from negative 35.9% in the year-earlier period.

Total revenue decreased 33.9% on an annual basis to S$2.5 million from S$3.8 million, and total operating expenses decreased 15.4% year over year to S$5.0 million from S$6.0 million.

Reported net income totaled a loss of S$2.6 million, or a loss of 4 cents per share, compared to a loss of S$2.2 million, or a loss of 3 cents per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to S$1.40.