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National Arts Entertainment & Culture Q1 loss widens 26.5% YOY

National Arts Entertainment and Culture Group Ltd. said its normalized net income for the first quarter amounted to a loss of HK$27.0 million, compared with a loss of HK$21.3 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 climbed to negative 229.5% from negative 257.8% in the year-earlier period.

Total revenue rose 41.5% year over year to HK$11.7 million from HK$8.3 million, and total operating expenses increased 10.2% on an annual basis to HK$28.9 million from HK$26.3 million.

Reported net income came to a loss of HK$43.2 million, or a loss of 1 cents per share, compared to a loss of HK$34.1 million, or a loss of 1 cents per share, in the year-earlier period.