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Zhong Fa Zhan fiscal H2 loss widens YOY

Zhong Fa Zhan Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to a loss of 3 Hong Kong cents per share, compared with a loss of 3 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 a loss of HK$8.1 million, compared with a loss of HK$8.0 million in the prior-year period.

Total revenue fell 27.8% on an annual basis to HK$19.1 million from HK$26.4 million, and total operating expenses declined 17.6% on an annual basis to HK$32.5 million from HK$39.4 million.

Reported net income came to a loss of HK$13.1 million, or a loss of 4 cents per share, compared to a loss of HK$12.8 million, or a loss of 5 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 5 cents per share, compared with a loss of 5 cents per share in the prior year.

Normalized net income was a loss of HK$13.8 million, compared with a loss of HK$12.9 million in the prior year.

Full-year total revenue fell 15.5% on an annual basis to HK$57.1 million from HK$67.6 million, and total operating expenses declined 9.9% on an annual basis to HK$79.8 million from HK$88.6 million.

The company said reported net income came to a loss of HK$22.2 million, or a loss of 8 cents per share, in the full year, compared with a loss of HK$20.0 million, or a loss of 7 cents per share, the prior year.