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Cortina Holdings fiscal Q4 profit climbs 13.6% YOY

Cortina Holdings Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 3 Singapore cents per share, an increase of 13.6% from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was S$4.9 million, a gain of 13.6% from S$4.3 million in the prior-year period.

The normalized profit margin dropped to 2.9% from 3.8% in the year-earlier period.

Total revenue grew 7.5% year over year to S$122.7 million from S$114.2 million, and total operating expenses increased 6.2% on an annual basis to S$113.0 million from S$106.5 million.

Reported net income increased 28.5% year over year to S$6.7 million, or 4 cents per share, from S$5.2 million, or 3 cents per share.

For the year, the company's normalized net income totaled 6 cents per share, a decrease of 22.7% from 8 cents per share in the prior year.

Normalized net income was S$9.7 million, a decline of 22.7% from S$12.6 million in the prior year.

Full-year total revenue decreased from the prior-year period to S$404.7 million from S$415.1 million, and total operating expenses declined year over year to S$383.6 million from S$389.8 million.

The company said reported net income fell 17.2% year over year to S$15.2 million, or 9 cents per share, in the full year, from S$18.4 million, or 11 cents per share.

As of July 10, US$1 was equivalent to S$1.35.