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Lippo swings to loss in fiscal H1

Lippo Ltd. said its normalized net income for the fiscal first half ended Sept. 30 came to a loss of 15 Hong Kong cents per share, compared with 35 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$73.7 million, compared with income of HK$172.3 million in the prior-year period.

Total revenue fell 55.1% on an annual basis to HK$1.50 billion from HK$3.34 billion, and total operating expenses declined 40.4% year over year to HK$1.55 billion from HK$2.61 billion.

Reported net income came to a loss of HK$104.6 million, or a loss of 21 cents per share, compared to income of HK$272.2 million, or 55 cents per share, in the year-earlier period.