King Fook Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of HK$37.9 million.

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

Total revenue totaled HK$428.2 million, and total operating expenses totaled HK$486.4 million.

Reported net income came to a loss of HK$56.5 million, or a loss of 9 cents per share.

For the year, the company's normalized net income totaled a loss of 15 cents per share, compared with a loss of 13 cents per share in the prior year.

Normalized net income was a loss of HK$95.8 million, compared with a loss of HK$80.5 million in the prior year.

Full-year total revenue decreased 27.6% year over year to HK$842.3 million from HK$1.16 billion, and total operating expenses decreased 22.9% on an annual basis to HK$990.3 million from HK$1.29 billion.

The company said reported net income totaled a loss of HK$149.3 million, or a loss of 23 cents per share, in the full year, compared with a loss of HK$127.6 million, or a loss of 21 cents per share, the prior year.