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Man Wah Holdings fiscal H2 profit climbs 6.2% YOY

Man Wah Holdings Ltd said its normalized net income for the fiscal second half ended March 31 came to 10 Hong Kong cents per share, a gain of 7.1% from 9 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$379.4 million, a gain of 6.2% from HK$357.2 million in the year-earlier period.

Total revenue climbed 8.0% year over year to HK$3.35 billion from HK$3.11 billion, and total operating expenses increased 8.6% on an annual basis to HK$2.87 billion from HK$2.64 billion.

Reported net income rose 7.2% year over year to HK$519.6 million, or 13 cents per share, from HK$484.8 million, or 12 cents per share.

For the year, the company's normalized net income totaled 20 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 27 cents.

EPS rose 7.4% from 18 cents in the prior year.

Normalized net income was HK$779.8 million, a rise of 8.7% from HK$717.3 million in the prior year.

Full-year total revenue increased 9.4% on an annual basis to HK$6.55 billion from HK$5.99 billion, and total operating expenses rose 8.0% on an annual basis to HK$5.59 billion from HK$5.17 billion.

The company said reported net income grew 8.0% on an annual basis to HK$1.08 billion, or 27 cents per share, in the full year, from HK$1.00 billion, or 26 cents per share.