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Kin Yat Holdings swings to loss in fiscal H2

Kin Yat Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to a loss of 3 Hong Kong cents per share, compared with 5 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$13.8 million, compared with income of HK$22.6 million in the year-earlier period.

Total revenue climbed 11.6% on an annual basis to HK$907.5 million from HK$812.9 million, and total operating expenses climbed 22.3% from the prior-year period to HK$971.8 million from HK$794.9 million.

Reported net income came to a loss of HK$141.1 million, or a loss of 34 cents per share, compared to income of HK$1.2 million, or 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 3 cents per share, a decline of 69.9% from 11 cents per share in the prior year.

Normalized net income was HK$14.1 million, a decline of 69.9% from HK$46.6 million in the prior year.

Full-year total revenue grew 17.1% from the prior-year period to HK$2.17 billion from HK$1.85 billion, and total operating expenses grew 21.9% year over year to HK$2.21 billion from HK$1.81 billion.

The company said reported net income totaled a loss of HK$121.6 million, or a loss of 29 cents per share, in the full year, compared with income of HK$19.8 million, or 5 cents per share, the prior year.