Luk Fook Holdings (International) Ltd. said its normalized net income for the fiscal second half ended March 31 came to HK$1.05 per share, a decline of 15.0% from HK$1.24 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$619.0 million, a decrease of 14.9% from HK$727.8 million in the year-earlier period.

Total revenue decreased 8.4% year over year to HK$8.38 billion from HK$9.15 billion, and total operating expenses fell 7.7% on an annual basis to HK$7.37 billion from HK$7.98 billion.

Reported net income decreased 10.0% from the prior-year period to HK$810.2 million, or HK$1.37 per share, from HK$899.9 million, or HK$1.53 per share.

For the year, the company's normalized net income totaled HK$2.09 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of HK$2.68.

EPS declined 14.9% from HK$2.46 in the prior year.

Normalized net income was HK$1.23 billion, a fall of 14.8% from HK$1.45 billion in the prior year.

Full-year total revenue decreased 17.1% on an annual basis to HK$15.92 billion from HK$19.21 billion, and total operating expenses fell 17.4% year over year to HK$13.96 billion from HK$16.90 billion.

The company said reported net income decreased 13.4% on an annual basis to HK$1.61 billion, or HK$2.74 per share, in the full year, from HK$1.86 billion, or HK$3.17 per share.