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Daphne International swings to loss in H2

Daphne International Holdings Ltd. said its normalized net income for the second half amounted to a loss of HK$203.5 million, compared with income of HK$9.5 million in the year-earlier period.

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

Total revenue declined 24.1% year over year to HK$4.00 billion from HK$5.27 billion, and total operating expenses fell 17.3% from the prior-year period to HK$4.34 billion from HK$5.25 billion.

Reported net income totaled a loss of HK$381.4 million, or a loss of 23 cents per share, compared to income of HK$3.7 million, or 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 12 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 3 cents.

EPS was 9 cents in the prior year.

Normalized net income was a loss of HK$203.5 million, compared with income of HK$148.8 million in the prior year.

Full-year total revenue fell 19.1% on an annual basis to HK$8.38 billion from HK$10.36 billion, and total operating expenses fell 14.0% on an annual basis to HK$8.70 billion from HK$10.11 billion.

The company said reported net income came to a loss of HK$378.9 million, or a loss of 23 cents per share, in the full year, compared with income of HK$176.0 million, or 11 cents per share, the prior year.