Raffles Education Corp. Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of S$3.1 million, compared with income of S$938,500 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 10.3% from 3.1% in the year-earlier period.

Total revenue decreased on an annual basis to S$29.5 million from S$30.2 million, and total operating expenses fell from the prior-year period to S$27.2 million from S$28.4 million.

Reported net income totaled a loss of S$5.2 million, or a loss of 1 cents per share, compared to income of S$406,480, or 0 cents per share, in the year-earlier period.

As of Feb. 11, US$1 was equivalent to S$1.39.