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Pacific Textiles fiscal H1 profit falls YOY

Pacific Textiles Holdings Ltd. said its normalized net income for the fiscal first half ended Sept. 30 came to 26 Hong Kong cents per share, a decline of 21.0% from 33 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$378.2 million, a decrease of 20.9% from HK$478.2 million in the year-earlier period.

Total revenue decreased 10.5% year over year to HK$3.66 billion from HK$4.09 billion, and total operating expenses declined 7.6% year over year to HK$3.08 billion from HK$3.33 billion.

Reported net income decreased 17.7% from the prior-year period to HK$535.2 million, or 37 cents per share, from HK$650.3 million, or 45 cents per share.