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Tungtex fiscal H1 loss narrows YOY

Tungtex (Holdings) Co. Ltd. said its normalized net income for the fiscal first half ended Sept. 30 amounted to a loss of HK$3.9 million, compared with a loss of HK$24.4 million in the prior-year period.

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

Total revenue declined year over year to HK$666.3 million from HK$696.0 million, and total operating expenses declined 7.7% from the prior-year period to HK$687.9 million from HK$745.6 million.

Reported net income totaled a loss of HK$1.0 million, or a loss of 0 cents per share, compared to a loss of HK$14.0 million, or a loss of 4 cents per share, in the prior-year period.