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Cortina Holdings fiscal Q1 profit falls YOY

Cortina Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 1 Singapore cents per share, a decrease of 23.0% from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$2.1 million, a decline of 23.8% from S$2.7 million in the prior-year period.

The normalized profit margin dropped to 2.3% from 2.8% in the year-earlier period.

Total revenue declined year over year to S$92.1 million from S$96.7 million, and total operating expenses declined on an annual basis to S$87.9 million from S$91.4 million.

Reported net income decreased 16.5% year over year to S$3.8 million, or 2 cents per share, from S$4.5 million, or 3 cents per share.

As of Aug. 11, US$1 was equivalent to S$1.25.