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Luk Fook Holdings (International) profit misses consensus by 26.9% in fiscal H2

Luk Fook Holdings (International) Ltd. said its normalized net income for the fiscal second half ended March 31 came to 63 Hong Kong cents per share, compared with the S&P Capital IQ consensus estimate of 86 cents per share.

EPS declined 40.5% year over year from HK$1.06.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$369.9 million, a decline of 40.6% from HK$622.8 million in the year-earlier period.

Total revenue fell 15.7% year over year to HK$7.07 billion from HK$8.38 billion, and total operating expenses declined 12.2% on an annual basis to HK$6.46 billion from HK$7.36 billion.

Reported net income fell 38.9% from the prior-year period to HK$495.3 million, or 84 cents per share, from HK$810.2 million, or HK$1.37 per share.

For the year, the company's normalized net income totaled HK$1.25 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of HK$1.66.

EPS declined 40.0% from HK$2.08 in the prior year.

Normalized net income was HK$735.8 million, a decrease of 40.1% from HK$1.23 billion in the prior year.

Full-year total revenue declined 11.9% on an annual basis to HK$14.03 billion from HK$15.92 billion, and total operating expenses declined 8.4% on an annual basis to HK$12.79 billion from HK$13.97 billion.

The company said reported net income declined 40.6% year over year to HK$958.7 million, or HK$1.63 per share, in the full year, from HK$1.61 billion, or HK$2.74 per share.