Tse Sui Luen Jewellery (International) Ltd. said its normalized net income for the fiscal second half ended Feb. 29 was 4 Hong Kong cents per share, a decrease of 26.9% from 5 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$8.8 million, a decline of 26.9% from HK$12.0 million in the prior-year period.

Total revenue declined 13.0% year over year to HK$1.79 billion from HK$2.05 billion, and total operating expenses declined 12.6% from the prior-year period to HK$1.75 billion from HK$2.01 billion.

Reported net income declined 41.4% year over year to HK$8.2 million, or 3 cents per share, from HK$13.9 million, or 6 cents per share.

For the year, the company's normalized net income totaled 12 cents per share, a fall of 27.2% from 16 cents per share in the prior year.

Normalized net income was HK$28.8 million, a decline of 27.2% from HK$39.5 million in the prior year.

Full-year total revenue declined 8.6% from the prior-year period to HK$3.54 billion from HK$3.87 billion, and total operating expenses decreased 8.2% on an annual basis to HK$3.44 billion from HK$3.75 billion.

The company said reported net income decreased 40.6% year over year to HK$23.6 million, or 10 cents per share, in the full year, from HK$39.8 million, or 16 cents per share.