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Sincere Co. fiscal H1 loss widens YOY

Sincere Co. Ltd. said its normalized net income for the fiscal first half ended Aug. 31 amounted to a loss of 16 Hong Kong cents per share, compared with a loss of 4 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$50.1 million, compared with a loss of HK$14.7 million in the year-earlier period.

Total revenue fell 25.8% year over year to HK$166.8 million from HK$224.8 million, and total operating expenses came to HK$264.2 million, compared with HK$264.3 million in the year-earlier period.

Reported net income came to a loss of HK$69.1 million, or a loss of 22 cents per share, compared to a loss of HK$32.8 million, or a loss of 10 cents per share, in the year-earlier period.