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IDT International fiscal H2 loss widens 58.1% YOY

IDT International Ltd said its normalized net income for the fiscal second half ended March 31 came to a loss of 2 Hong Kong cents per share, compared with a loss of 2 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$65.5 million, compared with a loss of HK$41.4 million in the year-earlier period.

Total revenue declined 20.8% year over year to HK$497.3 million from HK$627.9 million, and total operating expenses declined 14.6% from the prior-year period to HK$603.7 million from HK$706.8 million.

Reported net income totaled a loss of HK$60.2 million, or a loss of 2 cents per share, compared to a loss of HK$60.0 million, or a loss of 2 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 2 cents per share in the prior year.

Normalized net income was a loss of HK$66.8 million, compared with a loss of HK$54.9 million in the prior year.

Full-year total revenue fell 47.1% year over year to HK$715.5 million from HK$1.35 billion, and total operating expenses fell 42.0% year over year to HK$843.1 million from HK$1.45 billion.

The company said reported net income totaled a loss of HK$114.9 million, or a loss of 4 cents per share, in the full year, compared with a loss of HK$68.8 million, or a loss of 3 cents per share, the prior year.