Larry Jewelry International Company Ltd said its third-quarter normalized net income amounted to a loss of 2 Hong Kong cents per share, compared with a loss of 4 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$7.6 million, compared with a loss of HK$11.3 million in the prior-year period.

The normalized profit margin fell to negative 20.3% from negative 17.6% in the year-earlier period.

Total revenue fell 42.1% on an annual basis to HK$37.2 million from HK$64.2 million, and total operating expenses declined 37.4% on an annual basis to HK$49.3 million from HK$78.6 million.

Reported net income totaled a loss of HK$12.1 million, or a loss of 4 cents per share, compared to a loss of HK$17.5 million, or a loss of 5 cents per share, in the prior-year period.