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Tsui Wah Holdings fiscal H2 profit falls YOY

Tsui Wah Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to 4 Hong Kong cents per share, compared with 4 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$52.7 million, a decline from HK$53.9 million in the year-earlier period.

Total revenue increased 16.8% on an annual basis to HK$914.6 million from HK$782.7 million, and total operating expenses grew 18.2% on an annual basis to HK$846.1 million from HK$715.9 million.

Reported net income decreased from the prior-year period to HK$68.6 million, or 5 cents per share, from HK$70.5 million, or 5 cents per share.

For the year, the company's normalized net income totaled 8 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12 cents.

EPS rose from 8 cents in the prior year.

Normalized net income was HK$118.6 million, compared with HK$118.6 million in the prior year.

Full-year total revenue grew 22.6% year over year to HK$1.82 billion from HK$1.49 billion, and total operating expenses increased 25.0% on an annual basis to HK$1.67 billion from HK$1.33 billion.

The company said reported net income totaled HK$157.4 million, or 11 cents per share, in the full year, compared with HK$156.0 million, or 11 cents per share, the prior year.