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Major Holdings fiscal Q1 profit falls YOY

Major Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 30 was HK$2.6 million, a decline of 30.9% from HK$3.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 4.9% from 6.0% in the year-earlier period.

Total revenue declined 14.6% on an annual basis to HK$54.2 million from HK$63.5 million, and total operating expenses decreased 12.3% on an annual basis to HK$49.9 million from HK$56.9 million.

Reported net income rose year over year to HK$3.4 million, or 0 cents per share, from HK$659,000, or 0 cents per share.