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Sundart Holdings posts H2 profit

Sundart Holdings Ltd. said its normalized net income for the second half was HK$136.5 million.

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

Total revenue totaled HK$1.57 billion, and total operating expenses totaled HK$1.37 billion.

Reported net income totaled HK$163.7 million, or 8 cents per share.

For the year, the company's normalized net income totaled 15 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 25 cents.

EPS declined 17.1% from 18 cents in the prior year.

Normalized net income was HK$311.0 million, an increase of 13.9% from HK$273.0 million in the prior year.

Full-year total revenue decreased 19.8% on an annual basis to HK$3.31 billion from HK$4.13 billion, and total operating expenses decreased 22.7% on an annual basis to HK$2.84 billion from HK$3.67 billion.

The company said reported net income increased 10.2% year over year to HK$410.1 million, or 20 cents per share, in the full year, from HK$372.2 million, or 25 cents per share.