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Classified Group swings to loss in Q2

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Classified Group swings to loss in Q2

Classified Group (Holdings) Ltd. said its normalized net income for the second quarter amounted to a loss of HK$339,130, compared with income of HK$1.3 million in the year-earlier period.

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

The normalized profit margin declined to negative 0.8% from 2.8% in the year-earlier period.

Total revenue decreased year over year to HK$44.7 million from HK$45.8 million, and total operating expenses grew from the prior-year period to HK$45.2 million from HK$43.7 million.

Reported net income came to a loss of HK$1.0 million, or a loss of 0 cents per share, compared to income of HK$1.5 million, or 0 cents per share, in the prior-year period.