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Carrianna Group swings to profit in fiscal H2

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According to Market Intelligence, December 2022

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Carrianna Group swings to profit in fiscal H2

Carrianna Group Holdings Co. Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to 2 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 HK$22.6 million, compared with a loss of HK$44.0 million in the prior-year period.

Total revenue decreased 49.6% on an annual basis to HK$292.8 million from HK$581.4 million, and total operating expenses fell 44.9% on an annual basis to HK$269.1 million from HK$488.7 million.

Reported net income increased 36.0% year over year to HK$62.9 million, or 5 cents per share, from HK$46.2 million, or 4 cents per share.

For the year, the company's normalized net income totaled 5 cents per share, an increase of 5.4% from 5 cents per share in the prior year.

Normalized net income was HK$67.1 million, an increase of 7.7% from HK$62.3 million in the prior year.

Full-year total revenue decreased 33.8% year over year to HK$670.3 million from HK$1.01 billion, and total operating expenses decreased 30.6% year over year to HK$582.8 million from HK$839.8 million.

The company said reported net income declined 38.3% year over year to HK$120.7 million, or 10 cents per share, in the full year, from HK$195.6 million, or 16 cents per share.