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Grand Peace Q1 loss narrows YOY

Grand Peace Group Holdings Ltd. said its first-quarter normalized net income came to a loss of 7 Hong Kong cents per share, compared with a loss of 12 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$5.3 million, compared with a loss of HK$6.0 million in the year-earlier period.

The normalized profit margin rose to negative 23.2% from negative 28.6% in the year-earlier period.

Total revenue grew 10.1% year over year to HK$22.9 million from HK$20.8 million, and total operating expenses fell 21.3% from the prior-year period to HK$23.7 million from HK$30.1 million.

Reported net income came to a loss of HK$8.1 million, or a loss of 11 cents per share, compared to a loss of HK$9.7 million, or a loss of 20 cents per share, in the prior-year period.