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Hosen Group swings to loss in H2

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Hosen Group swings to loss in H2

Hosen Group Ltd. said its normalized net income for the second half was a loss of S$539,380, compared with income of S$366,880 in the year-earlier period.

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

Total revenue fell year over year to S$38.0 million from S$38.9 million, and total operating expenses totaled S$38.6 million, compared with S$38.3 million in the year-earlier period.

Reported net income totaled a loss of S$966,200, or a loss of 0 cents per share, compared to income of S$270,350, or 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled S$454,380, compared with income of S$511,250 in the prior year.

Full-year total revenue rose from the prior-year period to S$75.8 million from S$72.6 million, and total operating expenses increased 5.7% year over year to S$75.8 million from S$71.7 million.

The company said reported net income came to a loss of S$949,200, or a loss of 0 cents per share, in the full year, compared with income of S$687,350, or 0 cents per share, the prior year.

As of April 13, US$1 was equivalent to S$1.35.