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Yu Tak International Q1 loss narrows YOY

Yu Tak International Holdings Ltd. said its first-quarter normalized net income amounted to a loss of HK$5.6 million, compared with a loss of HK$6.2 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 21.6% from negative 10.4% in the year-earlier period.

Total revenue decreased 55.8% on an annual basis to HK$26.3 million from HK$59.4 million, and total operating expenses declined 47.5% on an annual basis to HK$31.1 million from HK$59.1 million.

Reported net income totaled a loss of HK$9.7 million, or a loss of 1 cents per share, compared to a loss of HK$10.8 million, or a loss of 1 cents per share, in the prior-year period.