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Sino Vision Worldwide fiscal Q3 loss widens 85.9% YOY

Sino Vision Worldwide Holdings Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 2 Hong Kong cents per share, compared with a loss of 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$16.0 million, compared with a loss of HK$8.6 million in the year-earlier period.

The normalized profit margin declined to negative 17.9% from negative 5.3% in the year-earlier period.

Total revenue decreased 44.8% on an annual basis to HK$89.2 million from HK$161.5 million, and total operating expenses declined 35.6% from the prior-year period to HK$113.1 million from HK$175.5 million.

Reported net income came to a loss of HK$25.5 million, or a loss of 4 cents per share, compared to a loss of HK$13.9 million, or a loss of 2 cents per share, in the prior-year period.