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Soo Kee Group Q1 profit falls YOY

SK Jewellery Group Ltd said its first-quarter normalized net income came to S$2.0 million, a decline of 23.1% from S$2.6 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 declined to 5.4% from 7.4% in the year-earlier period.

Total revenue increased 5.1% on an annual basis to S$36.7 million from S$34.9 million, and total operating expenses grew 11.5% year over year to S$33.5 million from S$30.1 million.

Reported net income decreased 23.3% on an annual basis to S$2.6 million, or 0 cents per share, from S$3.4 million, or 1 cents per share.

As of May 5, US$1 was equivalent to S$1.36.