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Major Holdings fiscal Q4 profit falls YOY

Major Holdings Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to HK$6.1 million, a fall of 30.5% from HK$8.7 million in the year-earlier period.

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

The normalized profit margin dropped to 7.4% from 11.3% in the year-earlier period.

Total revenue climbed 6.4% year over year to HK$82.4 million from HK$77.4 million, and total operating expenses rose 14.9% from the prior-year period to HK$72.8 million from HK$63.3 million.

Reported net income fell 12.8% from the prior-year period to HK$7.8 million, or 0 cents per share, from HK$9.0 million, or 0 cents per share.

For the year, the company's normalized net income totaled HK$18.4 million, a decline from HK$18.6 million in the prior year.

Full-year total revenue fell on an annual basis to HK$268.4 million from HK$281.4 million, and total operating expenses decreased on an annual basis to HK$239.7 million from HK$250.1 million.

The company said reported net income increased 88.6% on an annual basis to HK$24.1 million, or 1 cents per share, in the full year, from HK$12.8 million, or 1 cents per share.