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Straco Q1 profit climbs 47.4% YOY

Straco Corp. Ltd. said its first-quarter normalized net income was S$7.3 million, an increase of 47.4% from S$4.9 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 28.8% from 33.6% in the year-earlier period.

Total revenue rose 71.5% on an annual basis to S$25.2 million from S$14.7 million, and total operating expenses grew 99.5% year over year to S$12.9 million from S$6.5 million.

Reported net income increased 61.1% year over year to S$8.7 million, or 1 cents per share, from S$5.4 million, or 1 cents per share.

As of May 8, US$1 was equivalent to S$1.33.