Modern Beauty Salon Holdings Ltd said its normalized net income for the fiscal second half ended March 31 came to 2 Hong Kong cents per share, a decline of 33.1% from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$16.0 million, a decrease of 33.1% from HK$24.0 million in the year-earlier period.

Total revenue fell year over year to HK$415.6 million from HK$434.8 million, and total operating expenses decreased year over year to HK$373.0 million from HK$378.0 million.

Reported net income increased 27.0% year over year to HK$23.5 million, or 2 cents per share, from HK$18.5 million, or 2 cents per share.

For the year, the company's normalized net income totaled 6 cents per share, an increase from 5 cents per share in the prior year.

Normalized net income was HK$53.5 million, a gain from HK$51.1 million in the prior year.

Full-year total revenue amounted to HK$874.2 million, compared with HK$868.8 million in the prior year, and total operating expenses totaled HK$753.8 million, compared with HK$751.3 million in the year-earlier period.

The company said reported net income grew 25.1% on an annual basis to HK$69.2 million, or 7 cents per share, in the full year, from HK$55.3 million, or 6 cents per share.