Embry Holdings Ltd. said its first-half normalized net income came to 19 Hong Kong cents per share, a decrease of 36.3% from 31 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 HK$81.2 million, a decline of 36.3% from HK$127.5 million in the year-earlier period.

Total revenue declined 15.6% year over year to HK$1.18 billion from HK$1.39 billion, and total operating expenses declined 11.6% year over year to HK$1.06 billion from HK$1.20 billion.

Reported net income declined 38.5% on an annual basis to HK$89.3 million, or 21 cents per share, from HK$145.2 million, or 35 cents per share.