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Plastoform Holdings swings to loss in Q3

Plastoform Holdings Ltd. said its normalized net income for the third quarter came to a loss of 7 Hong Kong cents per share, compared with 21 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$2.8 million, compared with income of HK$6.1 million in the prior-year period.

The normalized profit margin dropped to negative 3.8% from 4.2% in the year-earlier period.

Total revenue decreased 49.9% year over year to HK$72.5 million from HK$144.8 million, and total operating expenses decreased 43.0% from the prior-year period to HK$77.0 million from HK$135.1 million.

Reported net income came to a loss of HK$4.5 million, or a loss of 11 cents per share, compared to income of HK$9.7 million, or 34 cents per share, in the year-earlier period.