Luen Thai Holdings Ltd. said its second-half normalized net income amounted to $5.1 million, a fall of 72.3% from $18.3 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
Total revenue declined 10.8% on an annual basis to $591.4 million from $663.1 million, and total operating expenses declined 9.8% from the prior-year period to $578.4 million from $641.5 million.
Reported net income increased from the prior-year period to $5.4 million, or 0 cents per share, from $5.2 million, or 0 cents per share.
For the year, the company's normalized net income totaled $10.3 million, a decline of 66.2% from $30.3 million in the prior year.
Full-year total revenue decreased 9.0% on an annual basis to $1.11 billion from $1.22 billion, and total operating expenses decreased 7.7% on an annual basis to $1.09 billion from $1.18 billion.
The company said reported net income declined 40.8% on an annual basis to $12.8 million, or 1 cents per share, in the full year, from $21.6 million, or 2 cents per share.