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Longrun Tea swings to loss in fiscal H2

Longrun Tea Group Co. Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of HK$8.7 million, compared with income of HK$11.8 million in the year-earlier period.

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

Total revenue declined 15.3% year over year to HK$135.9 million from HK$160.5 million, and total operating expenses increased year over year to HK$153.5 million from HK$148.7 million.

Reported net income totaled a loss of HK$184.8 million, or a loss of 13 cents per share, compared to a loss of HK$5.4 million, or a loss of 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 a loss of 1 cents per share in the prior year.

Normalized net income was a loss of HK$20.3 million, compared with a loss of HK$18.0 million in the prior year.

Full-year total revenue declined 10.5% on an annual basis to HK$256.4 million from HK$286.5 million, and total operating expenses decreased 8.1% year over year to HK$298.5 million from HK$324.8 million.

The company said reported net income came to a loss of HK$203.9 million, or a loss of 14 cents per share, in the full year, compared with income of HK$14.9 million, or 1 cents per share, the prior year.