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Sun International swings to profit in fiscal Q3

Sun International Group Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was HK$6.5 million, compared with a loss of HK$20.7 million in the year-earlier period.

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

The normalized profit margin climbed to 25.3% from negative 48.6% in the year-earlier period.

Total revenue declined 39.4% year over year to HK$25.8 million from HK$42.6 million, and total operating expenses fell 83.2% from the prior-year period to HK$9.4 million from HK$56.2 million.

Reported net income came to HK$10.3 million, or 1 cents per share, compared to a loss of HK$1.9 million, or a loss of 0 cents per share, in the year-earlier period.