Qian Hu Corp. Ltd. said its first-quarter normalized net income came to S$67,340, a decline of 38.8% from S$110,100 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 0.3% from 0.5% in the year-earlier period.
Total revenue totaled S$20.8 million, compared with S$20.7 million in the prior-year period, and total operating expenses totaled S$20.5 million, compared with S$20.3 million in the year-earlier period.
Reported net income decreased on an annual basis to S$112,000, or 0 cents per share, from S$115,000, or 0 cents per share.
As of April 16, US$1 was equivalent to S$1.35.
