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Tungtex fiscal H2 loss narrows YOY

Tungtex (Holdings) Co. Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of 6 Hong Kong cents per share, compared with a loss of 9 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 a loss of HK$26.5 million, compared with a loss of HK$38.4 million in the prior-year period.

Total revenue fell 8.8% year over year to HK$616.7 million from HK$676.6 million, and total operating expenses declined 12.5% on an annual basis to HK$652.9 million from HK$746.1 million.

Reported net income came to HK$198.6 million, or 47 cents per share, compared to a loss of HK$29.9 million, or a loss of 7 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 7 cents per share, compared with a loss of 15 cents per share in the prior year.

Normalized net income was a loss of HK$30.4 million, compared with a loss of HK$62.8 million in the prior year.

Full-year total revenue declined 6.5% year over year to HK$1.28 billion from HK$1.37 billion, and total operating expenses declined 10.1% year over year to HK$1.34 billion from HK$1.49 billion.

The company said reported net income came to HK$197.6 million, or 47 cents per share, in the full year, compared with a loss of HK$43.9 million, or a loss of 11 cents per share, the prior year.