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Netel Technology fiscal Q3 loss narrows YOY

Netel Technology (Holdings) Ltd. said its normalized net income for the fiscal third quarter ended Feb. 29 was a loss of HK$5.2 million, compared with a loss of HK$6.2 million in the prior-year period.

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

Total revenue fell 11.6% year over year to HK$487,000 from HK$551,000, and total operating expenses declined 15.6% on an annual basis to HK$8.8 million from HK$10.5 million.

Reported net income totaled a loss of HK$8.3 million, or a loss of 1 cents per share, compared to a loss of HK$9.9 million, or a loss of 1 cents per share, in the year-earlier period.