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NWDS China fiscal H2 profit falls YOY

NWDS China Ltd. said its normalized net income for the fiscal second half ended June 30 came to 4 Hong Kong cents per share, a decline of 19.4% from 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 HK$70.4 million, a decrease of 19.4% from HK$87.3 million in the prior-year period.

Total revenue declined 12.8% year over year to HK$1.78 billion from HK$2.04 billion, and total operating expenses decreased 12.7% from the prior-year period to HK$1.66 billion from HK$1.91 billion.

Reported net income totaled a loss of HK$14.2 million, or a loss of 1 cents per share, compared to a loss of HK$136.2 million, or a loss of 8 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 9 cents per share, a decline of 38.1% from 15 cents per share in the prior year.

Normalized net income was HK$157.1 million, a fall of 38.1% from HK$253.8 million in the prior year.

Full-year total revenue declined 9.2% year over year to HK$3.77 billion from HK$4.15 billion, and total operating expenses declined 7.9% on an annual basis to HK$3.48 billion from HK$3.78 billion.

The company said reported net income declined 34.6% on an annual basis to HK$45.6 million, or 3 cents per share, in the full year, from HK$69.7 million, or 4 cents per share.