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Major Holdings fiscal Q2 profit falls YOY

Major Holdings Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to HK$1.6 million, a decrease of 33.4% from HK$2.4 million in the year-earlier period.

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

The normalized profit margin dropped to 3.2% from 4.0% in the year-earlier period.

Total revenue declined 15.7% year over year to HK$49.4 million from HK$58.6 million, and total operating expenses declined 14.9% on an annual basis to HK$46.9 million from HK$55.2 million.

Reported net income decreased 35.4% from the prior-year period to HK$2.0 million, or 0 cents per share, from HK$3.1 million, or 0 cents per share.