Yue Yuen Industrial (Holdings) Ltd said its normalized net income for the third quarter amounted to $51.7 million, a decrease of 19.3% from $64.0 million in the prior-year period.

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

The normalized profit margin declined to 2.5% from 3.2% in the year-earlier period.

Total revenue increased on an annual basis to $2.03 billion from $1.98 billion, and total operating expenses grew year over year to $1.98 billion from $1.94 billion.

Reported net income totaled $75.3 million, compared with $107.5 million in the prior-year period.