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ITE (Holdings) Ltd. fiscal Q3 profit falls YOY

ITE (Holdings) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to HK$50,000, a fall of 91.3% from HK$576,250 in the year-earlier period.

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

The normalized profit margin fell to 0.7% from 6.3% in the year-earlier period.

Total revenue decreased 24.6% on an annual basis to HK$6.9 million from HK$9.2 million, and total operating expenses decreased 20.6% from the prior-year period to HK$7.0 million from HK$8.8 million.

Reported net income declined 91.3% from the prior-year period to HK$80,000, or 0 cents per share, from HK$922,000, or 0 cents per share.