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Tse Sui Luen Jewellery (International) fiscal H2 profit falls YOY

Tse Sui Luen Jewellery (International) Ltd. said its normalized net income for the fiscal second half ended Feb. 28 came to 5 Hong Kong cents per share, a decline of 45.4% from 9 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$12.0 million, a decline of 45.4% from HK$22.1 million in the year-earlier period.

Total revenue climbed 6.5% year over year to HK$2.05 billion from HK$1.93 billion, and total operating expenses grew 7.4% from the prior-year period to HK$2.01 billion from HK$1.87 billion.

Reported net income decreased 48.4% on an annual basis to HK$13.9 million, or 6 cents per share, from HK$27.0 million, or 11 cents per share.

For the year, the company's normalized net income totaled 16 cents per share, a fall of 37.9% from 26 cents per share in the prior year.

Normalized net income was HK$39.5 million, a decline of 37.9% from HK$63.5 million in the prior year.

Full-year total revenue fell year over year to HK$3.87 billion from HK$4.06 billion, and total operating expenses fell on an annual basis to HK$3.75 billion from HK$3.91 billion.

The company said reported net income fell 46.7% year over year to HK$39.8 million, or 16 cents per share, in the full year, from HK$74.5 million, or 30 cents per share.