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Grand Peace Q3 loss narrows YOY

Grand Peace Group Holdings Ltd. said its normalized net income for the third quarter amounted to a loss of 12 Hong Kong cents per share, compared with a loss of 17 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 a loss of HK$8.3 million, compared with a loss of HK$10.0 million in the prior-year period.

The normalized profit margin rose to negative 43.0% from negative 58.1% in the year-earlier period.

Total revenue increased 12.3% on an annual basis to HK$19.3 million from HK$17.1 million, and total operating expenses fell 30.3% from the prior-year period to HK$23.9 million from HK$34.3 million.

Reported net income came to a loss of HK$13.6 million, or a loss of 19 cents per share, compared to a loss of HK$16.8 million, or a loss of 28 cents per share, in the prior-year period.