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Crosstec Group fiscal H1 profit falls YOY

Crosstec Group Holdings Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2015, was HK$8.4 million, a decrease of 35.9% from HK$13.0 million in the prior-year period.

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

Total revenue decreased 22.3% year over year to HK$59.8 million from HK$76.9 million, and total operating expenses decreased 17.3% year over year to HK$46.4 million from HK$56.1 million.

Reported net income decreased 49.5% from the prior-year period to HK$8.8 million, or 0 cents per share, from HK$17.4 million.