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Pak Tak International fiscal H2 loss narrows YOY

Pak Tak International Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to a loss of HK$13.6 million, compared with a loss of HK$27.2 million in the year-earlier period.

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

Total revenue fell 16.0% on an annual basis to HK$136.8 million from HK$162.9 million, and total operating expenses decreased 21.4% on an annual basis to HK$160.5 million from HK$204.3 million.

Reported net income came to a loss of HK$19.4 million, or a loss of 1 cents per share, compared to a loss of HK$39.8 million, or a loss of 3 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$11.1 million, compared with a loss of HK$-18.1 million in the prior year.

Full-year total revenue fell 14.4% from the prior-year period to HK$366.4 million from HK$427.9 million, and total operating expenses decreased 15.6% year over year to HK$384.2 million from HK$455.4 million.

The company said reported net income totaled a loss of HK$6.3 million, or a loss of 0 cents per share, in the full year, compared with a loss of HK$27.8 million, or a loss of 2 cents per share, the prior year.