Captii Ltd. said its first-quarter normalized net income amounted to S$156,380, a decrease of 65.1% from S$448,380 in the prior-year period.

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

The normalized profit margin fell to 4.0% from 9.0% in the year-earlier period.

Total revenue decreased 21.1% on an annual basis to S$3.9 million from S$5.0 million, and total operating expenses fell 23.1% on an annual basis to S$3.3 million from S$4.3 million.

Reported net income declined 64.4% on an annual basis to S$232,000, or 1 cents per share, from S$652,000, or 2 cents per share.

As of May 12, US$1 was equivalent to S$1.37.