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Code Agriculture fiscal Q3 loss widens YOY

Code Agriculture (Holdings) Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 14 Hong Kong cents per share, compared with a loss of 9 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$14.9 million, compared with a loss of HK$6.1 million in the year-earlier period.

Total revenue fell 91.0% on an annual basis to HK$2.6 million from HK$28.9 million, and total operating expenses decreased 55.2% year over year to HK$15.1 million from HK$33.7 million.

Reported net income came to a loss of HK$22.2 million, or a loss of 20 cents per share, compared to a loss of HK$10.6 million, or a loss of 16 cents per share, in the prior-year period.