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National Electronics Holdings fiscal H1 profit falls YOY

National Electronics Holdings Ltd said its normalized net income for the fiscal first half ended Sept. 30 amounted to 1 Hong Kong cents per share, a decrease of 53.3% from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$15.4 million, a decrease of 53.3% from HK$33.0 million in the prior-year period.

Total revenue decreased 22.6% on an annual basis to HK$646.9 million from HK$836.4 million, and total operating expenses decreased 22.3% year over year to HK$593.0 million from HK$763.5 million.

Reported net income declined 62.4% from the prior-year period to HK$30.6 million, or 3 cents per share, from HK$81.3 million, or 8 cents per share.