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Chinese Food & Beverage Group Q3 loss narrows YOY

Chinese Food and Beverage Group Ltd said its third-quarter normalized net income amounted to a loss of 6 Hong Kong cents per share, compared with a loss of 6 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$14.6 million, compared with a loss of HK$15.8 million in the year-earlier period.

The normalized profit margin fell to negative 115.0% from negative 82.1% in the year-earlier period.

Total revenue decreased 40.3% on an annual basis to HK$11.5 million from HK$19.3 million, and total operating expenses decreased 39.7% on an annual basis to HK$17.6 million from HK$29.2 million.

Reported net income totaled a loss of HK$23.6 million, or a loss of 9 cents per share, compared to a loss of HK$27.1 million, or a loss of 10 cents per share, in the year-earlier period.