Larry Jewelry International Co. Ltd. said its normalized net income for the second quarter came to a loss of HK$3.0 million, compared with a loss of HK$5.4 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 climbed to negative 7.2% from negative 10.5% in the year-earlier period.

Total revenue declined 17.6% on an annual basis to HK$42.6 million from HK$51.6 million, and total operating expenses declined 21.2% year over year to HK$47.5 million from HK$60.3 million.

Reported net income totaled a loss of HK$4.7 million, or a loss of 1 cents per share, compared to a loss of HK$8.5 million, or a loss of 3 cents per share, in the year-earlier period.