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Kong Shum Union swings to loss in fiscal Q1

Heng Sheng Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of HK$1.1 million, compared with income of HK$1.3 million in the year-earlier period.

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

The normalized profit margin dropped to negative 1.2% from 1.6% in the year-earlier period.

Total revenue rose 11.6% year over year to HK$92.0 million from HK$82.4 million, and total operating expenses grew 16.7% year over year to HK$93.6 million from HK$80.2 million.

Reported net income came to a loss of HK$2.7 million, or a loss of 1 cents per share, compared to income of HK$1.7 million, or 0 cents per share, in the year-earlier period.