Grand Ocean Retail Group Ltd. said its normalized net income for the second quarter was 93 Taiwan cents per share, a decline of 20.5% from NT$1.17 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$178.6 million, a decrease of 22.7% from NT$231.1 million in the year-earlier period.

The normalized profit margin dropped to 12.0% from 13.6% in the year-earlier period.

Total revenue fell 12.3% on an annual basis to NT$1.49 billion from NT$1.69 billion, and total operating expenses decreased year over year to NT$1.36 billion from NT$1.38 billion.

Reported net income declined 32.3% on an annual basis to NT$149.8 million, or 78 cents per share, from NT$221.4 million, or NT$1.12 per share.

As of Aug. 12, US$1 was equivalent to NT$31.39.