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Asia Commercial Holdings fiscal H2 loss narrows YOY

Asia Commercial Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of 1 Hong Kong cents per share, compared with a loss of 4 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$21.4 million, compared with a loss of HK$52.6 million in the year-earlier period.

Total revenue fell 30.7% on an annual basis to HK$329.4 million from HK$475.3 million, and total operating expenses decreased 31.7% on an annual basis to HK$372.4 million from HK$545.5 million.

Reported net income totaled HK$8.4 million, or 1 cents per share, compared to a loss of HK$72.9 million, or a loss of 5 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 3 cents per share, compared with a loss of 7 cents per share in the prior year.

Normalized net income was a loss of HK$44.5 million, compared with a loss of HK$102.2 million in the prior year.

Full-year total revenue declined 25.7% year over year to HK$718.6 million from HK$967.4 million, and total operating expenses decreased 27.6% year over year to HK$804.7 million from HK$1.11 billion.

The company said reported net income totaled a loss of HK$30.9 million, or a loss of 2 cents per share, in the full year, compared with a loss of HK$153.3 million, or a loss of 11 cents per share, the prior year.