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Chow Sang Sang H2 profit climbs YOY

Chow Sang Sang Holdings International Ltd said its second-half normalized net income amounted to 47 Hong Kong cents per share, an increase from 45 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$315.4 million, an increase from HK$305.9 million in the prior-year period.

Total revenue declined 15.6% year over year to HK$8.29 billion from HK$9.82 billion, and total operating expenses declined 15.6% on an annual basis to HK$7.91 billion from HK$9.37 billion.

Reported net income fell 5.7% year over year to HK$378.3 million, or 56 cents per share, from HK$401.3 million, or 59 cents per share.

For the year, the company's normalized net income totaled 92 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of HK$1.14.

EPS declined 9.4% from HK$1.02 in the prior year.

Normalized net income was HK$626.3 million, a decrease of 9.4% from HK$690.9 million in the prior year.

Full-year total revenue fell 15.6% on an annual basis to HK$16.09 billion from HK$19.07 billion, and total operating expenses decreased 16.1% year over year to HK$15.15 billion from HK$18.07 billion.

The company said reported net income decreased 34.3% year over year to HK$742.2 million, or HK$1.10 per share, in the full year, from HK$1.13 billion, or HK$1.67 per share.