Oriental Watch Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was a loss of HK$5.3 million, compared with income of HK$3.9 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue declined 10.7% year over year to HK$1.58 billion from HK$1.77 billion, and total operating expenses fell 9.5% from the prior-year period to HK$1.60 billion from HK$1.77 billion.

Reported net income totaled a loss of HK$6.6 million, or a loss of 1 cents per share, compared to income of HK$684,720, or 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$4.6 million, compared with income of HK$20.7 million in the prior year.

Full-year total revenue declined 10.6% from the prior-year period to HK$3.11 billion from HK$3.48 billion, and total operating expenses fell 9.1% on an annual basis to HK$3.14 billion from HK$3.46 billion.

The company said reported net income fell 78.1% year over year to HK$4.5 million, or 1 cents per share, in the full year, from HK$20.6 million, or 4 cents per share.