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Vinda International H2 profit falls YOY

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Vinda International H2 profit falls YOY

Vinda International Holdings Ltd. said its second-half normalized net income came to 2 Hong Kong cents per share, a decrease of 91.5% from 27 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$22.7 million, a decrease of 91.5% from HK$267.8 million in the prior-year period.

Total revenue rose 15.0% year over year to HK$4.95 billion from HK$4.31 billion, and total operating expenses grew 18.8% from the prior-year period to HK$4.56 billion from HK$3.84 billion.

Reported net income totaled a loss of HK$16.6 million, or a loss of 2 cents per share, compared to income of HK$371.8 million, or 37 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 28 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 56 cents.

EPS declined 36.6% from 44 cents in the prior year.

Normalized net income was HK$281.9 million, a decline of 36.5% from HK$444.1 million in the prior year.

Full-year total revenue rose 21.4% from the prior-year period to HK$9.70 billion from HK$7.99 billion, and total operating expenses rose 23.2% on an annual basis to HK$8.83 billion from HK$7.17 billion.

The company said reported net income decreased 47.1% on an annual basis to HK$314.2 million, or 31 cents per share, in the full year, from HK$593.6 million, or 59 cents per share.