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Sun International swings to loss in fiscal year

Sun International Group Ltd. said its normalized net income for the fiscal full year ended March 31 amounted to a loss of HK$131.4 million, compared with income of HK$11.0 million in the prior-year period.

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

The normalized profit margin dropped to negative 89.1% from 6.9% in the year-earlier period.

Total revenue fell 7.5% year over year to HK$147.1 million from HK$159.1 million, and total operating expenses increased 36.3% year over year to HK$220.1 million from HK$161.4 million.

Reported net income totaled a loss of HK$397.2 million, or a loss of 29 cents per share, compared to income of HK$88.8 million, or 7 cents per share, in the year-earlier period.