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San Miguel Brewery Hong Kong swings to loss in H2

San Miguel Brewery Hong Kong Ltd. said its second-half normalized net income came to a loss of HK$1.2 million, compared with income of HK$7.8 million in the year-earlier period.

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

Total revenue decreased 20.3% on an annual basis to HK$297.2 million from HK$373.0 million, and total operating expenses decreased 16.4% on an annual basis to HK$300.8 million from HK$359.7 million.

Reported net income came to a loss of HK$1.4 million, or a loss of 0 cents per share, compared to income of HK$13.8 million, or 4 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 6 cents per share in the prior year.

Normalized net income was a loss of HK$10.7 million, compared with income of HK$20.7 million in the prior year.

Full-year total revenue declined 21.8% year over year to HK$569.5 million from HK$728.6 million, and total operating expenses declined 15.3% on an annual basis to HK$584.8 million from HK$690.0 million.

The company said reported net income totaled a loss of HK$16.1 million, or a loss of 4 cents per share, in the full year, compared with income of HK$35.3 million, or 9 cents per share, the prior year.