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Plastoform Holdings Q1 loss widens 33.1% YOY

Plastoform Holdings Ltd. said its normalized net income for the first quarter was a loss of 10 Hong Kong cents per share, compared with a loss of 11 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$3.9 million, compared with a loss of HK$3.0 million in the prior-year period.

The normalized profit margin declined to negative 5.9% from negative 3.4% in the year-earlier period.

Total revenue declined 24.1% year over year to HK$66.6 million from HK$87.8 million, and total operating expenses decreased 20.2% from the prior-year period to HK$73.7 million from HK$92.3 million.

Reported net income came to a loss of HK$6.6 million, or a loss of 17 cents per share, compared to a loss of HK$4.7 million, or a loss of 18 cents per share, in the year-earlier period.