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National Electronics Holdings swings to loss in fiscal H2

National Electronics Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of 2 Hong Kong cents per share, compared with 2 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$20.6 million, compared with income of HK$22.7 million in the year-earlier period.

Total revenue increased year over year to HK$595.8 million from HK$588.2 million, and total operating expenses declined year over year to HK$591.8 million from HK$607.4 million.

Reported net income declined 67.1% from the prior-year period to HK$51.6 million, or 5 cents per share, from HK$156.9 million, or 15 cents per share.

For the year, the company's normalized net income totaled 2 cents per share, a decline of 38.1% from 3 cents per share in the prior year.

Normalized net income was HK$20.2 million, a fall of 39.6% from HK$33.5 million in the prior year.

Full-year total revenue rose 22.3% year over year to HK$1.43 billion from HK$1.17 billion, and total operating expenses rose 12.4% year over year to HK$1.36 billion from HK$1.21 billion.

The company said reported net income fell 41.7% year over year to HK$132.9 million, or 13 cents per share, in the full year, from HK$228.0 million, or 21 cents per share.