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Seamless Green China Q1 loss narrows YOY

Seamless Green China (Holdings) Ltd said its normalized net income for the first quarter amounted to a loss of HK$923,130, compared with a loss of HK$7.9 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 increased to negative 30.6% from negative 70.8% in the year-earlier period.

Total revenue declined 73.1% on an annual basis to HK$3.0 million from HK$11.2 million, and total operating expenses fell 90.5% from the prior-year period to HK$2.2 million from HK$23.2 million.

Reported net income came to a loss of HK$1.5 million, or a loss of 0 cents per share, compared to a loss of HK$12.6 million, or a loss of 2 cents per share, in the year-earlier period.