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Kenford Group fiscal H2 loss narrows YOY

Kenford Group Holdings Ltd said its normalized net income for the fiscal second half ended March 31 amounted to a loss of HK$2.9 million, compared with a loss of HK$23.2 million in the year-earlier period.

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

Total revenue fell 5.7% year over year to HK$275.8 million from HK$292.5 million, and total operating expenses declined 15.1% on an annual basis to HK$283.2 million from HK$333.4 million.

Reported net income came to a loss of HK$5.9 million, or a loss of 1 cents per share, compared to a loss of HK$33.3 million, or a loss of 8 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$2.1 million, compared with a loss of HK$-23.1 million in the prior year.

Full-year total revenue fell 5.2% from the prior-year period to HK$585.0 million from HK$617.2 million, and total operating expenses declined 11.1% on an annual basis to HK$588.7 million from HK$662.6 million.

The company said reported net income totaled HK$794,850, or 0 cents per share, in the full year, compared with a loss of HK$31.6 million, or a loss of 7 cents per share, the prior year.