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UKF Holdings swings to loss in fiscal Q4

UKF (Holdings) Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of HK$2.0 million, compared with income of HK$3.1 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 declined to negative 2.2% from 3.0% in the year-earlier period.

Total revenue declined 14.5% year over year to HK$89.1 million from HK$104.2 million, and total operating expenses fell 8.9% from the prior-year period to HK$90.7 million from HK$99.6 million.

Reported net income totaled a loss of HK$3.2 million, or a loss of 0 cents per share, compared to income of HK$2.6 million, or 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$23.8 million, a fall from HK$25.0 million in the prior year.

Full-year total revenue amounted to HK$301.6 million, compared with HK$301.6 million in the prior year, and total operating expenses fell on an annual basis to HK$257.5 million from HK$261.3 million.

The company said reported net income grew on an annual basis to HK$36.6 million, or 1 cents per share, in the full year, from HK$35.9 million, or 2 cents per share.