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Lippo China Resources swings to profit in fiscal H1

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Lippo China Resources swings to profit in fiscal H1

Lippo China Resources Ltd said its normalized net income for the fiscal first half ended Sept. 30 amounted to HK$13.0 million, compared with a loss of HK$9.0 million in the prior-year period.

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

Total revenue decreased 6.2% on an annual basis to HK$1.30 billion from HK$1.39 billion, and total operating expenses totaled HK$1.40 billion, compared with HK$1.39 billion in the prior-year period.

Reported net income came to a loss of HK$313.7 million, or a loss of 3 cents per share, compared to income of HK$6.0 million, or 0 cents per share, in the year-earlier period.