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Heng Tai Consumables fiscal H1 loss narrows YOY

Heng Tai Consumables Group Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, amounted to a loss of 3 Hong Kong cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.

The per-share loss narrowed 66.5% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$16.0 million, compared with a loss of HK$46.4 million in the year-earlier period.

Total revenue decreased 7.6% on an annual basis to HK$818.0 million from HK$885.2 million, and total operating expenses decreased 12.1% on an annual basis to HK$843.2 million from HK$958.9 million.

Reported net income came to a loss of HK$37.8 million, or a loss of 6 cents per share, compared to a loss of HK$78.9 million, or a loss of 13 cents per share, in the year-earlier period.