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Ascent International fiscal H2 loss narrows YOY

Ascent International Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of 2 Hong Kong cents per share, compared with a loss of 4 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$6.7 million, compared with a loss of HK$12.1 million in the prior-year period.

Total revenue totaled HK$71.7 million, compared with HK$71.6 million in the year-earlier period, and total operating expenses fell 9.7% year over year to HK$84.5 million from HK$93.5 million.

Reported net income totaled a loss of HK$10.8 million, or a loss of 3 cents per share, compared to a loss of HK$24.2 million, or a loss of 8 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 5 cents per share, compared with a loss of 7 cents per share in the prior year.

Normalized net income was a loss of HK$15.8 million, compared with a loss of HK$21.1 million in the prior year.

Full-year total revenue declined from the prior-year period to HK$128.7 million from HK$131.4 million, and total operating expenses fell 7.4% on an annual basis to HK$159.3 million from HK$172.1 million.

The company said reported net income totaled a loss of HK$25.8 million, or a loss of 8 cents per share, in the full year, compared with a loss of HK$38.9 million, or a loss of 12 cents per share, the prior year.