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Playmates Toys H2 profit falls YOY

Playmates Toys Ltd. said its normalized net income for the second half amounted to 9 Hong Kong cents per share, a decline of 53.3% from 19 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 HK$111.9 million, a decrease of 51.9% from HK$232.5 million in the prior-year period.

Total revenue decreased 34.8% on an annual basis to HK$863.8 million from HK$1.32 billion, and total operating expenses decreased 27.6% from the prior-year period to HK$682.8 million from HK$943.6 million.

Reported net income fell 62.0% year over year to HK$119.9 million, or 10 cents per share, from HK$315.2 million, or 26 cents per share.

For the year, the company's normalized net income totaled 20 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 26 cents.

EPS declined 39.6% from 33 cents in the prior year.

Normalized net income was HK$243.5 million, a decrease of 38.7% from HK$397.4 million in the prior year.

Full-year total revenue decreased 28.2% from the prior-year period to HK$1.55 billion from HK$2.16 billion, and total operating expenses declined 23.6% on an annual basis to HK$1.16 billion from HK$1.51 billion.

The company said reported net income declined 43.7% on an annual basis to HK$276.2 million, or 23 cents per share, in the full year, from HK$490.7 million, or 41 cents per share.