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HKC International fiscal H2 loss narrows YOY

HKC International Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of HK$3.7 million, compared with a loss of HK$8.3 million in the prior-year period.

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

Total revenue declined 33.6% year over year to HK$93.8 million from HK$141.3 million, and total operating expenses declined 36.5% from the prior-year period to HK$98.3 million from HK$154.8 million.

Reported net income totaled HK$1.2 million, or 0 cents per share, compared to a loss of HK$4.8 million, or a loss of 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled HK$6.3 million, compared with a loss of HK$-13.1 million in the prior year.

Full-year total revenue declined 16.5% year over year to HK$219.7 million from HK$263.1 million, and total operating expenses decreased 19.7% year over year to HK$228.2 million from HK$284.3 million.

The company said reported net income came to a loss of HK$3.7 million, or a loss of 0 cents per share, in the full year, compared with a loss of HK$12.2 million, or a loss of 1 cents per share, the prior year.