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Silver Base Group swings to profit in fiscal H1

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Silver Base Group swings to profit in fiscal H1

Silver Base Group Holdings Ltd. said its normalized net income for the fiscal first half ended Sept. 30 came to 1 Hong Kong cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share result swung to a profit from the prior-year loss of 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$20.3 million, compared with a loss of HK$481.7 million in the prior-year period.

Total revenue climbed 66.3% on an annual basis to HK$189.2 million from HK$113.7 million, and total operating expenses decreased 84.0% on an annual basis to HK$138.8 million from HK$868.4 million.

Reported net income totaled HK$32.2 million, or 2 cents per share, compared to a loss of HK$771.4 million, or a loss of 38 cents per share, in the prior-year period.