Raffles Education Corp. Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to S$938,500, a fall of 80.5% from S$4.8 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 dropped to 3.1% from 13.1% in the year-earlier period.
Total revenue decreased 18.2% year over year to S$30.0 million from S$36.6 million, and total operating expenses decreased on an annual basis to S$28.2 million from S$28.8 million.
Reported net income decreased 92.7% year over year to S$406,480, or 0 cents per share, from S$5.5 million, or 1 cents per share.
As of Feb. 12, US$1 was equivalent to S$1.36.
