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Lippo swings to profit in fiscal H1

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Lippo swings to profit in fiscal H1

Lippo Ltd said its normalized net income for the fiscal first half ended Sept. 30 came to 17 Hong Kong cents per share, compared with a loss of 15 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$84.6 million, compared with a loss of HK$73.7 million in the prior-year period.

Total revenue climbed 68.1% on an annual basis to HK$2.52 billion from HK$1.50 billion, and total operating expenses rose 48.5% year over year to HK$2.30 billion from HK$1.55 billion.

Reported net income totaled a loss of HK$49.7 million, or a loss of 10 cents per share, compared to a loss of HK$104.6 million, or a loss of 21 cents per share, in the prior-year period.