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Zhuoxin International swings to loss in fiscal Q3

Zhuoxin International Holdings Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of HK$7.7 million, compared with income of HK$499,750 in the year-earlier period.

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

The normalized profit margin fell to negative 3.6% from 0.2% in the year-earlier period.

Total revenue declined 33.1% year over year to HK$204.2 million from HK$305.4 million, and total operating expenses fell 28.2% on an annual basis to HK$215.0 million from HK$299.3 million.

Reported net income totaled a loss of HK$12.1 million, or a loss of 3 cents per share, compared to income of HK$138,000, or 0 cents per share, in the year-earlier period.