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Asia Cassava Resources swings to loss in fiscal H2

Asia Cassava Resources Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of 6 Hong Kong cents per share, compared with 15 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$34.0 million, compared with income of HK$76.2 million in the prior-year period.

Total revenue decreased 52.3% on an annual basis to HK$899.9 million from HK$1.89 billion, and total operating expenses fell 46.0% on an annual basis to HK$952.8 million from HK$1.77 billion.

Reported net income came to a loss of HK$44.2 million, or a loss of 8 cents per share, compared to income of HK$114.5 million, or 22 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 1 cents per share, a fall of 93.6% from 23 cents per share in the prior year.

Normalized net income was HK$8.6 million, a fall of 92.7% from HK$117.7 million in the prior year.

Full-year total revenue declined 23.8% year over year to HK$2.83 billion from HK$3.71 billion, and total operating expenses declined 20.2% year over year to HK$2.81 billion from HK$3.53 billion.

The company said reported net income declined 90.4% year over year to HK$16.6 million, or 3 cents per share, in the full year, from HK$173.2 million, or 34 cents per share.