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Iao Kun Group Holding Q3 loss narrows YOY

Iao Kun Group Holding Co. Ltd. said its normalized net income for the third quarter was a loss of 11 cents per share, compared with the S&P Capital IQ consensus estimate of 18 cents per share.

The per-share loss narrowed 66.8% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.1 million, compared with a loss of $3.3 million in the prior-year period.

The normalized profit margin climbed to negative 5.0% from negative 6.3% in the year-earlier period.

Total revenue fell 56.9% year over year to $22.4 million from $51.9 million, and total operating expenses decreased 57.7% from the prior-year period to $24.2 million from $57.1 million.

Reported net income totaled a loss of $623,080, or a loss of 6 cents per share, compared to a loss of $12.2 million, or a loss of $1.20 per share, in the year-earlier period.