Sunmoon Food Company Ltd said its first-quarter normalized net income came to S$121,880, an increase from S$41,250 in the year-earlier period.

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

The normalized profit margin fell to negative 21.0% from 0.4% in the year-earlier period.

Total revenue fell 17.1% year over year to S$8.3 million from S$9.9 million, and total operating expenses fell 18.0% year over year to S$8.1 million from S$9.9 million.

Reported net income fell 50.0% year over year to S$63,760, or 0 cents per share, from S$127,510, or 0 cents per share.

As of May 15, US$1 was equivalent to S$1.32.