Tonly Electronics Holdings Ltd said its normalized net income for the first quarter came to 9 Hong Kong cents per share, a decrease of 18.2% from 11 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 HK$23.0 million, a decrease of 19.1% from HK$28.4 million in the year-earlier period.

The normalized profit margin climbed to 3.1% from 2.5% in the year-earlier period.

Total revenue declined 35.9% on an annual basis to HK$741.4 million from HK$1.16 billion, and total operating expenses fell 36.7% on an annual basis to HK$715.1 million from HK$1.13 billion.

Reported net income declined 26.4% from the prior-year period to HK$27.1 million, or 11 cents per share, from HK$36.9 million, or 15 cents per share.