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Yangtzekiang Garment swings to loss in fiscal H1

Yangtzekiang Garment Ltd. said its normalized net income for the fiscal first half ended Sept. 30 came to a loss of 1 Hong Kong cents per share, compared with 5 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$2.7 million, compared with income of HK$10.6 million in the prior-year period.

Total revenue decreased year over year to HK$494.5 million from HK$511.9 million, and total operating expenses declined 5.3% on an annual basis to HK$491.5 million from HK$519.0 million.

Reported net income totaled a loss of HK$7.8 million, or a loss of 4 cents per share, compared to income of HK$12.8 million, or 6 cents per share, in the prior-year period.