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Elegance Optical International fiscal H2 loss widens 12.6% YOY

Elegance Optical International Holdings Ltd said its normalized net income for the fiscal second half ended March 31 was a loss of 8 Hong Kong cents per share, compared with a loss of 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of HK$26.8 million, compared with a loss of HK$23.8 million in the prior-year period.

Total revenue declined 26.8% year over year to HK$121.9 million from HK$166.6 million, and total operating expenses fell 16.9% from the prior-year period to HK$170.1 million from HK$204.7 million.

Reported net income came to a loss of HK$42.5 million, or a loss of 13 cents per share, compared to a loss of HK$38.7 million, or a loss of 12 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 16 cents per share, compared with a loss of 13 cents per share in the prior year.

Normalized net income was a loss of HK$52.3 million, compared with a loss of HK$41.7 million in the prior year.

Full-year total revenue decreased 30.6% on an annual basis to HK$261.7 million from HK$377.2 million, and total operating expenses fell 20.8% on an annual basis to HK$353.5 million from HK$446.3 million.

The company said reported net income came to a loss of HK$84.2 million, or a loss of 26 cents per share, in the full year, compared with a loss of HK$68.3 million, or a loss of 21 cents per share, the prior year.