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China Netcom Technology swings to loss in Q4

China Netcom Technology Holdings Ltd said its fourth-quarter normalized net income was a loss of HK$9.2 million, compared with income of HK$132.6 million in the year-earlier period.

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

Total revenue fell 41.5% year over year to HK$192,000 from HK$328,000, and total operating expenses grew 52.0% year over year to HK$14.2 million from HK$9.4 million.

Reported net income totaled a loss of HK$19.1 million, or a loss of 1 cents per share, compared to a loss of HK$154.2 million, or a loss of 7 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1 cents per share, compared with 5 cents per share in the prior year.

Normalized net income was a loss of HK$32.7 million, compared with income of HK$111.5 million in the prior year.

Full-year total revenue fell 72.7% from the prior-year period to HK$964,000 from HK$3.5 million, and total operating expenses totaled HK$47.0 million, compared with HK$47.2 million in the year-earlier period.

The company said reported net income totaled a loss of HK$54.7 million, or a loss of 2 cents per share, in the full year, compared with a loss of HK$186.1 million, or a loss of 9 cents per share, the prior year.