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HMV Digital China fiscal Q3 loss narrows YOY

China Creative Digital Entertainment Ltd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of HK$5.5 million, compared with a loss of HK$10.0 million in the prior-year period.

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

The normalized profit margin rose to negative 8.3% from negative 34.7% in the year-earlier period.

Total revenue rose on an annual basis to HK$65.7 million from HK$28.8 million, and total operating expenses increased 61.0% on an annual basis to HK$70.4 million from HK$43.7 million.

Reported net income came to a loss of HK$27.9 million, or a loss of 0 cents per share, compared to a loss of HK$15.9 million, or a loss of 2 cents per share, in the year-earlier period.