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Four Seas Mercantile fiscal H2 profit falls YOY

Four Seas Mercantile Holdings Ltd said its normalized net income for the fiscal second half ended March 31 was 15 Hong Kong cents per share, a decrease of 7.5% from 16 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$57.1 million, a decline of 8.4% from HK$62.3 million in the year-earlier period.

Total revenue increased on an annual basis to HK$1.49 billion from HK$1.48 billion, and total operating expenses came to HK$1.39 billion, compared with HK$1.38 billion in the prior-year period.

Reported net income fell 24.7% from the prior-year period to HK$67.1 million, or 17 cents per share, from HK$89.0 million, or 23 cents per share.

For the year, the company's normalized net income totaled 27 cents per share, a decrease from 29 cents per share in the prior year.

Normalized net income was HK$105.5 million, a decline of 5.0% from HK$111.0 million in the prior year.

Full-year total revenue totaled HK$2.91 billion, compared with HK$2.91 billion in the prior year, and total operating expenses came to HK$2.74 billion, compared with HK$2.75 billion in the prior-year period.

The company said reported net income declined 12.5% year over year to HK$140.2 million, or 36 cents per share, in the full year, from HK$160.1 million, or 41 cents per share.