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Emperor Watch & Jewellery swings to loss in H2

Emperor Watch & Jewellery Ltd. said its normalized net income for the second half amounted to a loss of HK$39.2 million, compared with income of HK$26.7 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue decreased 29.7% on an annual basis to HK$2.01 billion from HK$2.86 billion, and total operating expenses fell 26.3% from the prior-year period to HK$2.08 billion from HK$2.82 billion.

Reported net income totaled a loss of HK$66.0 million, or a loss of 1 cents per share, compared to income of HK$33.5 million, or 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 1 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 2 cents.

EPS was 2 cents in the prior year.

Normalized net income was a loss of HK$72.9 million, compared with income of HK$105.4 million in the prior year.

Full-year total revenue decreased 25.2% on an annual basis to HK$4.43 billion from HK$5.92 billion, and total operating expenses fell 21.0% on an annual basis to HK$4.55 billion from HK$5.76 billion.

The company said reported net income came to a loss of HK$120.1 million, or a loss of 2 cents per share, in the full year, compared with income of HK$138.1 million, or 2 cents per share, the prior year.