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Valuetronics fiscal Q3 profit falls YOY

Valuetronics Holdings Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 4 Hong Kong cents per share, a decrease of 36.8% from 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$18.0 million, a decline of 35.7% from HK$28.0 million in the prior-year period.

The normalized profit margin fell to 4.1% from 4.7% in the year-earlier period.

Total revenue decreased 27.1% year over year to HK$434.5 million from HK$596.2 million, and total operating expenses declined 26.8% from the prior-year period to HK$404.6 million from HK$552.9 million.

Reported net income fell 35.8% year over year to HK$25.2 million, or 6 cents per share, from HK$39.2 million, or 10 cents per share.