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Ossia International fiscal Q1 loss widens 88.2% YOY

Ossia International Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of S$1.1 million, compared with a loss of S$581,750 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 negative 13.9% from negative 5.0% in the year-earlier period.

Total revenue decreased 32.0% on an annual basis to S$7.9 million from S$11.6 million, and total operating expenses fell 25.9% from the prior-year period to S$9.1 million from S$12.3 million.

Reported net income totaled a loss of S$1.7 million, or a loss of 1 cents per share, compared to a loss of S$957,000, or a loss of 0 cents per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to S$1.41.