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China-Hongkong Photo Products swings to loss in fiscal H2

China-Hongkong Photo Products Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of HK$4.9 million, compared with income of HK$3.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue decreased 16.6% on an annual basis to HK$445.7 million from HK$534.6 million, and total operating expenses declined 14.2% from the prior-year period to HK$455.4 million from HK$530.7 million.

Reported net income totaled a loss of HK$37.5 million, or a loss of 3 cents per share, compared to income of HK$13.6 million, or 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$1.3 million, compared with income of HK$5.9 million in the prior year.

Full-year total revenue grew 12.2% year over year to HK$966.7 million from HK$861.7 million, and total operating expenses grew 13.6% on an annual basis to HK$972.1 million from HK$855.7 million.

The company said reported net income totaled a loss of HK$33.3 million, or a loss of 3 cents per share, in the full year, compared with income of HK$15.5 million, or 1 cents per share, the prior year.