Raymond Industrial Ltd said its second-half normalized net income was 4 Hong Kong cents per share, an increase of 15.1% from 4 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$20.3 million, a gain of 17.2% from HK$17.3 million in the prior-year period.

Total revenue declined on an annual basis to HK$508.1 million from HK$526.8 million, and total operating expenses decreased on an annual basis to HK$491.4 million from HK$499.5 million.

Reported net income rose 65.0% from the prior-year period to HK$27.1 million, or 6 cents per share, from HK$16.4 million, or 3 cents per share.

For the year, the company's normalized net income totaled 6 cents per share, a gain of 5.3% from 6 cents per share in the prior year.

Normalized net income was HK$29.4 million, a gain of 7.0% from HK$27.5 million in the prior year.

Full-year total revenue fell on an annual basis to HK$988.4 million from HK$1.03 billion, and total operating expenses fell year over year to HK$963.8 million from HK$993.6 million.

The company said reported net income grew 28.4% year over year to HK$36.3 million, or 8 cents per share, in the full year, from HK$28.3 million, or 6 cents per share.