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Sa Sa International fiscal H2 profit falls YOY

Sa Sa International Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to 14 Hong Kong cents per share, a decline of 11.7% from 16 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 HK$390.8 million, a decrease of 11.8% from HK$443.0 million in the prior-year period.

Total revenue fell year over year to HK$4.77 billion from HK$4.86 billion, and total operating expenses came to HK$4.15 billion, compared with HK$4.16 billion in the prior-year period.

Reported net income decreased 13.3% on an annual basis to HK$500.9 million, or 18 cents per share, from HK$577.9 million, or 20 cents per share.

For the year, the company's normalized net income totaled 23 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29 cents.

EPS declined 8.4% from 25 cents in the prior year.

Normalized net income was HK$652.4 million, a fall of 8.3% from HK$711.6 million in the prior year.

Full-year total revenue rose year over year to HK$8.99 billion from HK$8.76 billion, and total operating expenses grew on an annual basis to HK$7.97 billion from HK$7.64 billion.

The company said reported net income fell 10.3% year over year to HK$840.1 million, or 30 cents per share, in the full year, from HK$936.6 million, or 33 cents per share.