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Victory City International fiscal H2 profit falls YOY

Victory City International Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to 4 Hong Kong cents per share, a decline of 21.4% from 5 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 HK$68.2 million, a decrease of 17.7% from HK$82.8 million in the year-earlier period.

Total revenue fell 22.3% on an annual basis to HK$2.23 billion from HK$2.87 billion, and total operating expenses fell 23.6% year over year to HK$2.06 billion from HK$2.70 billion.

Reported net income decreased 18.6% on an annual basis to HK$111.2 million, or 6 cents per share, from HK$136.7 million, or 8 cents per share.

For the year, the company's normalized net income totaled 4 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 27 cents.

EPS declined 56.4% from 10 cents in the prior year.

Normalized net income was HK$79.9 million, a fall of 54.2% from HK$174.3 million in the prior year.

Full-year total revenue fell from the prior-year period to HK$5.14 billion from HK$5.37 billion, and total operating expenses decreased 6.4% year over year to HK$4.71 billion from HK$5.03 billion.

The company said reported net income rose 44.6% on an annual basis to HK$400.2 million, or 22 cents per share, in the full year, from HK$276.8 million, or 16 cents per share.