Hin Sang Group (International) Holding Co. Ltd. said its normalized net income for the fiscal second half ended March 31 was HK$810,000, a decline of 96.4% from HK$22.3 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
Total revenue fell 21.0% on an annual basis to HK$100.3 million from HK$126.9 million, and total operating expenses rose 10.4% from the prior-year period to HK$101.8 million from HK$92.2 million.
Reported net income totaled a loss of HK$9.2 million, or a loss of 1 cents per share, compared to income of HK$28.5 million, or 5 cents per share, in the year-earlier period.
For the year, the company's normalized net income totaled 2 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 6 cents.
EPS declined 63.5% from 6 cents in the prior year.
Normalized net income was HK$15.9 million, a fall of 58.0% from HK$37.9 million in the prior year.
Full-year total revenue decreased 15.1% on an annual basis to HK$215.0 million from HK$253.2 million, and total operating expenses came to HK$192.4 million, compared with HK$193.3 million in the prior-year period.
The company said reported net income fell 77.7% on an annual basis to HK$11.1 million, or 2 cents per share, in the full year, from HK$49.7 million, or 8 cents per share.