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Tan Chong International H2 profit falls YOY

Tan Chong International Ltd said its second-half normalized net income came to 4 Hong Kong cents per share, a decline of 56.2% from 10 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$95.1 million, a decline of 53.3% from HK$203.7 million in the prior-year period.

Total revenue increased on an annual basis to HK$7.88 billion from HK$7.67 billion, and total operating expenses rose 5.2% year over year to HK$7.73 billion from HK$7.35 billion.

Reported net income fell 47.0% year over year to HK$72.1 million, or 3 cents per share, from HK$135.9 million, or 6 cents per share.

For the year, the company's normalized net income totaled 11 cents per share, a fall of 39.4% from 18 cents per share in the prior year.

Normalized net income was HK$231.9 million, a decline of 37.3% from HK$370.1 million in the prior year.

Full-year total revenue grew 12.9% on an annual basis to HK$16.74 billion from HK$14.82 billion, and total operating expenses grew 15.3% on an annual basis to HK$16.24 billion from HK$14.09 billion.

The company said reported net income fell 38.0% year over year to HK$191.1 million, or 9 cents per share, in the full year, from HK$308.2 million, or 15 cents per share.