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Larry Jewelry International Q1 loss narrows YOY

Larry Jewelry International Company Ltd said its normalized net income for the first quarter was a loss of 2 Hong Kong cents per share, compared with a loss of 5 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$6.2 million, compared with a loss of HK$9.3 million in the year-earlier period.

The normalized profit margin increased to negative 13.2% from negative 16.6% in the year-earlier period.

Total revenue declined 15.6% on an annual basis to HK$47.4 million from HK$56.2 million, and total operating expenses decreased 13.1% from the prior-year period to HK$57.6 million from HK$66.2 million.

Reported net income came to a loss of HK$9.8 million, or a loss of 3 cents per share, compared to a loss of HK$14.9 million, or a loss of 9 cents per share, in the prior-year period.