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Millennium Pacific Group Q1 loss widens YOY

Millennium Pacific Group Holdings Ltd. said its normalized net income for the first quarter amounted to a loss of HK$3.9 million, compared with a loss of HK$1.0 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 declined to negative 42.6% from negative 3.5% in the year-earlier period.

Total revenue decreased 69.8% on an annual basis to HK$9.0 million from HK$30.0 million, and total operating expenses fell 51.7% on an annual basis to HK$15.2 million from HK$31.5 million.

Reported net income came to a loss of HK$6.2 million, or a loss of 0 cents per share, compared to a loss of HK$1.9 million, or a loss of 0 cents per share, in the prior-year period.