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Sun International fiscal Q1 loss widens YOY

Sun International Group Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to a loss of HK$10.6 million, compared with a loss of HK$5.0 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 33.7% from negative 11.4% in the year-earlier period.

Total revenue decreased 20.1% on an annual basis to HK$35.4 million from HK$44.4 million, and total operating expenses declined 19.4% year over year to HK$49.6 million from HK$61.6 million.

Reported net income came to a loss of HK$17.4 million, or a loss of 1 cents per share, compared to a loss of HK$14.7 million, or a loss of 1 cents per share, in the year-earlier period.