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Longrun Tea fiscal H1 loss narrows YOY

Longrun Tea Group Co. Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was a loss of HK$11.6 million, compared with a loss of HK$29.7 million in the year-earlier period.

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

Total revenue decreased on an annual basis to HK$120.6 million from HK$126.1 million, and total operating expenses fell 17.7% on an annual basis to HK$145.0 million from HK$176.1 million.

Reported net income totaled a loss of HK$19.1 million, or a loss of 1 cents per share, compared to income of HK$20.3 million, or 1 cents per share, in the year-earlier period.