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Plastoform Holdings swings to profit in Q3

Plastoform Holdings Ltd. said its normalized net income for the third quarter amounted to 6 Hong Kong cents per share, compared with a loss of 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$2.4 million, compared with a loss of HK$2.8 million in the prior-year period.

The normalized profit margin increased to 3.1% from negative 3.8% in the year-earlier period.

Total revenue rose 5.0% year over year to HK$76.1 million from HK$72.5 million, and total operating expenses decreased 6.1% on an annual basis to HK$72.3 million from HK$77.0 million.

Reported net income totaled HK$3.8 million, or 9 cents per share, compared to a loss of HK$4.5 million, or a loss of 11 cents per share, in the year-earlier period.