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Kong Shum Union fiscal Q4 profit falls YOY

Heng Sheng Holdings Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to HK$739,380, a decrease of 67.9% from HK$2.3 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 fell to 0.8% from 2.8% in the year-earlier period.

Total revenue grew 5.0% on an annual basis to HK$87.6 million from HK$83.4 million, and total operating expenses totaled HK$86.3 million, compared with HK$86.0 million in the year-earlier period.

Reported net income decreased 88.7% from the prior-year period to HK$336,420, or 0 cents per share, from HK$3.0 million, or 1 cents per share.

For the year, the company's normalized net income totaled 1 cents per share, a fall of 13.6% from 1 cents per share in the prior year.

Normalized net income was HK$4.6 million, a decline from HK$4.8 million in the prior year.

Full-year total revenue rose on an annual basis to HK$339.7 million from HK$325.0 million, and total operating expenses increased on an annual basis to HK$332.1 million from HK$316.5 million.

The company said reported net income declined year over year to HK$5.0 million, or 1 cents per share, in the full year, from HK$5.0 million, or 1 cents per share.