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Sau San Tong swings to loss in fiscal Q4

Sau San Tong Holdings Ltd said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of HK$16.3 million, compared with income of HK$2.1 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 climbed to 8.6% from 0.6% in the year-earlier period.

Total revenue came to HK$352.3 million, compared with HK$353.3 million in the prior-year period, and total operating expenses rose 12.6% on an annual basis to HK$387.0 million from HK$343.6 million.

Reported net income grew on an annual basis to HK$56.6 million, or 3 cents per share, from HK$2.2 million, or 0 cents per share.

For the year, the company's normalized net income totaled a loss of 4 cents per share, compared with 2 cents per share in the prior year.

Normalized net income was a loss of HK$25.6 million, compared with income of HK$5.0 million in the prior year.

Full-year total revenue increased 7.3% from the prior-year period to HK$1.46 billion from HK$1.36 billion, and total operating expenses increased 11.7% year over year to HK$1.50 billion from HK$1.34 billion.

The company said reported net income grew on an annual basis to HK$39.4 million, or 6 cents per share, in the full year, from HK$3.2 million, or 1 cents per share.