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China Investments Holdings swings to loss in H2

China Investments Holdings Ltd. said its second-half normalized net income amounted to a loss of HK$4.9 million, compared with income of HK$1.5 million in the prior-year period.

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

Total revenue climbed 10.0% year over year to HK$20.6 million from HK$18.7 million, and total operating expenses grew 33.8% year over year to HK$47.4 million from HK$35.4 million.

Reported net income totaled a loss of HK$17.1 million, or a loss of 1 cents per share, compared to income of HK$102.2 million, or 7 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled HK$9.4 million, compared with a loss of HK$-11.6 million in the prior year.

Full-year total revenue grew 21.0% year over year to HK$39.3 million from HK$32.4 million, and total operating expenses grew year over year to HK$78.3 million from HK$74.8 million.

The company said reported net income declined 92.8% on an annual basis to HK$5.8 million, or 0 cents per share, in the full year, from HK$81.1 million, or 6 cents per share.