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Playmates Holdings H2 profit climbs 11.6% YOY

Playmates Holdings Ltd said its normalized net income for the second half was 4 Hong Kong cents per share, a gain of 14.4% from 4 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$97.5 million, an increase of 11.6% from HK$87.4 million in the prior-year period.

Total revenue decreased 31.8% on an annual basis to HK$984.8 million from HK$1.44 billion, and total operating expenses declined 27.2% from the prior-year period to HK$721.8 million from HK$991.3 million.

Reported net income fell 72.9% from the prior-year period to HK$111.0 million, or 5 cents per share, from HK$409.8 million, or 18 cents per share.

For the year, the company's normalized net income totaled 9 cents per share, a decrease from 9 cents per share in the prior year.

Normalized net income was HK$199.6 million, a decrease from HK$207.9 million in the prior year.

Full-year total revenue declined 25.3% year over year to HK$1.79 billion from HK$2.40 billion, and total operating expenses fell 23.4% year over year to HK$1.23 billion from HK$1.61 billion.

The company said reported net income declined 45.3% on an annual basis to HK$413.7 million, or 18 cents per share, in the full year, from HK$756.7 million, or 33 cents per share.