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.