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Pacific Textiles profit misses consensus by 22.4% in fiscal H2

Pacific Textiles Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was 24 Hong Kong cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS increased year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$348.3 million, an increase from HK$336.2 million in the year-earlier period.

Total revenue declined year over year to HK$3.25 billion from HK$3.34 billion, and total operating expenses declined on an annual basis to HK$2.73 billion from HK$2.82 billion.

Reported net income rose 15.7% year over year to HK$535.7 million, or 37 cents per share, from HK$462.8 million, or 32 cents per share.

For the year, the company's normalized net income totaled 50 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 68 cents.

EPS declined 10.9% from 56 cents in the prior year.

Normalized net income was HK$726.4 million, a decrease of 10.8% from HK$814.4 million in the prior year.

Full-year total revenue declined 7.0% from the prior-year period to HK$6.91 billion from HK$7.42 billion, and total operating expenses declined 5.6% on an annual basis to HK$5.81 billion from HK$6.15 billion.

The company said reported net income fell year over year to HK$1.07 billion, or 74 cents per share, in the full year, from HK$1.11 billion, or 77 cents per share.