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Far East Hotels & Entertainment fiscal H2 loss narrows YOY

Far East Hotels & Entertainment Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of HK$548,550, compared with a loss of HK$1.0 million in the prior-year period.

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

Total revenue grew 7.2% year over year to HK$24.1 million from HK$22.5 million, and total operating expenses decreased on an annual basis to HK$26.6 million from HK$27.0 million.

Reported net income totaled a loss of HK$67.9 million, or a loss of 11 cents per share, compared to income of HK$3.7 million, or 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$208,260, compared with a loss of HK$-5.0 million in the prior year.

Full-year total revenue grew 32.7% year over year to HK$52.2 million from HK$39.3 million, and total operating expenses increased 6.6% on an annual basis to HK$53.8 million from HK$50.4 million.

The company said reported net income came to a loss of HK$68.0 million, or a loss of 12 cents per share, in the full year, compared with a loss of HK$4.4 million, or a loss of 1 cents per share, the prior year.