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China Star Entertainment swings to loss in full year

China Star Entertainment Ltd said its normalized net income for the full year amounted to a loss of 23 Hong Kong cents per share, compared with 1 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 a loss of HK$178.6 million, compared with income of HK$10.0 million in the prior-year period.

The normalized profit margin dropped to negative 16.2% from 1.0% in the year-earlier period.

Total revenue grew 6.0% on an annual basis to HK$1.10 billion from HK$1.04 billion, and total operating expenses grew 33.8% on an annual basis to HK$1.46 billion from HK$1.09 billion.

Reported net income came to a loss of HK$338.1 million, or a loss of 43 cents per share, compared to income of HK$104.9 million, or 14 cents per share, in the year-earlier period.