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Hing Lee (HK) Holdings H2 profit falls YOY

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Hing Lee (HK) Holdings H2 profit falls YOY

Hing Lee (HK) Holdings Ltd said its second-half normalized net income was HK$1.4 million, a decline of 85.0% from HK$9.5 million in the prior-year period.

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

Total revenue fell 22.1% on an annual basis to HK$242.6 million from HK$311.4 million, and total operating expenses decreased 16.0% year over year to HK$243.6 million from HK$290.0 million.

Reported net income declined 86.6% year over year to HK$2.0 million, or 0 cents per share, from HK$15.0 million, or 2 cents per share.

For the year, the company's normalized net income totaled 1 cents per share, a decrease of 41.7% from 2 cents per share in the prior year.

Normalized net income was HK$10.7 million, a decrease of 38.9% from HK$17.6 million in the prior year.

Full-year total revenue fell 20.1% from the prior-year period to HK$485.3 million from HK$607.1 million, and total operating expenses decreased 17.5% on an annual basis to HK$470.1 million from HK$569.7 million.

The company said reported net income declined 40.6% year over year to HK$16.7 million, or 2 cents per share, in the full year, from HK$28.1 million, or 4 cents per share.