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Yangtzekiang Garment fiscal H2 loss widens 96.6% YOY

Yangtzekiang Garment Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of 6 Hong Kong cents per share, compared with a loss of 3 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$11.6 million, compared with a loss of HK$5.9 million in the prior-year period.

Total revenue grew 13.7% on an annual basis to HK$639.4 million from HK$562.3 million, and total operating expenses rose 12.7% on an annual basis to HK$637.7 million from HK$565.7 million.

Reported net income totaled a loss of HK$15.5 million, or a loss of 7 cents per share, compared to a loss of HK$842,000, or a loss of 0 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 2 cents per share in the prior year.

Normalized net income was a loss of HK$14.2 million, compared with income of HK$4.7 million in the prior year.

Full-year total revenue rose 5.6% year over year to HK$1.13 billion from HK$1.07 billion, and total operating expenses increased year over year to HK$1.13 billion from HK$1.08 billion.

The company said reported net income totaled a loss of HK$23.2 million, or a loss of 11 cents per share, in the full year, compared with income of HK$11.9 million, or 6 cents per share, the prior year.