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Stelux Holdings International swings to loss in fiscal H2

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Stelux Holdings International swings to loss in fiscal H2

Stelux Holdings International Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of HK$97.1 million, compared with income of HK$4.7 million in the prior-year period.

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

Total revenue fell 16.7% year over year to HK$1.62 billion from HK$1.94 billion, and total operating expenses declined 5.9% year over year to HK$1.75 billion from HK$1.86 billion.

Reported net income came to a loss of HK$156.9 million, or a loss of 15 cents per share, compared to a loss of HK$24.6 million, or a loss of 2 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 12 cents per share, compared with 9 cents per share in the prior year.

Normalized net income was a loss of HK$120.4 million, compared with income of HK$91.4 million in the prior year.

Full-year total revenue declined 13.7% on an annual basis to HK$3.40 billion from HK$3.94 billion, and total operating expenses declined 5.3% on an annual basis to HK$3.51 billion from HK$3.70 billion.

The company said reported net income came to a loss of HK$190.0 million, or a loss of 18 cents per share, in the full year, compared with income of HK$91.8 million, or 9 cents per share, the prior year.