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China Fortune Investments swings to profit in Q1

China Fortune Investments (Holding) Ltd. said its first-quarter normalized net income came to HK$2.9 million, compared with a loss of HK$5.3 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 climbed to 4.1% from negative 18.2% in the year-earlier period.

Total revenue increased on an annual basis to HK$62.1 million from HK$29.1 million, and total operating expenses grew 45.2% from the prior-year period to HK$50.7 million from HK$34.9 million.

Reported net income came to HK$1.8 million, or 0 cents per share, compared to a loss of HK$10.9 million, or a loss of 1 cents per share, in the year-earlier period.