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Luxey International swings to loss in fiscal Q3

Luxey International (Holdings) Ltd. said its normalized net income for the fiscal third quarter ended March 31 was a loss of HK$1.2 million, compared with income of HK$2.6 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 fell to negative 3.1% from 4.3% in the year-earlier period.

Total revenue fell 36.5% year over year to HK$39.0 million from HK$61.4 million, and total operating expenses fell 30.1% year over year to HK$39.2 million from HK$56.1 million.

Reported net income came to a loss of HK$1.4 million, or a loss of 0 cents per share, compared to income of HK$2.4 million, or 0 cents per share, in the prior-year period.