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Grand Peace Q4 loss widens YOY

Grand Peace Group Holdings Ltd. said its normalized net income for the fourth quarter amounted to a loss of 18 Hong Kong cents per share, compared with a loss of 6 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 a loss of HK$12.7 million, compared with a loss of HK$5.4 million in the year-earlier period.

The normalized profit margin declined to negative 63.3% from negative 31.1% in the year-earlier period.

Total revenue rose 15.6% year over year to HK$20.0 million from HK$17.3 million, and total operating expenses increased 29.3% from the prior-year period to HK$32.7 million from HK$25.3 million.

Reported net income came to a loss of HK$20.8 million, or a loss of 29 cents per share, compared to a loss of HK$10.0 million, or a loss of 12 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 44 cents per share, compared with a loss of 37 cents per share in the prior year.

Normalized net income was a loss of HK$31.2 million, compared with a loss of HK$24.4 million in the prior year.

Full-year total revenue grew 11.2% year over year to HK$83.2 million from HK$74.8 million, and total operating expenses fell 9.2% on an annual basis to HK$103.5 million from HK$114.0 million.

The company said reported net income came to a loss of HK$50.5 million, or a loss of 71 cents per share, in the full year, compared with a loss of HK$41.8 million, or a loss of 64 cents per share, the prior year.