Larry Jewelry International Company Ltd said its fourth-quarter normalized net income came to a loss of HK$1.6 million, compared with a loss of HK$8.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 2.9% from negative 9.3% in the year-earlier period.

Total revenue decreased 36.7% on an annual basis to HK$55.6 million from HK$87.9 million, and total operating expenses fell 42.2% year over year to HK$58.3 million from HK$100.8 million.

Reported net income came to a loss of HK$20.0 million, or a loss of 6 cents per share, compared to a loss of HK$26.3 million, or a loss of 8 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 6 cents per share, compared with a loss of 14 cents per share in the prior year.

Normalized net income was a loss of HK$20.8 million, compared with a loss of HK$38.5 million in the prior year.

Full-year total revenue decreased 27.5% from the prior-year period to HK$191.8 million from HK$264.4 million, and total operating expenses declined 28.4% on an annual basis to HK$225.4 million from HK$315.0 million.

The company said reported net income came to a loss of HK$50.5 million, or a loss of 15 cents per share, in the full year, compared with a loss of HK$74.0 million, or a loss of 26 cents per share, the prior year.