Joyce Boutique Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to HK$7.7 million, a decrease of 71.4% from HK$26.8 million in the year-earlier period.

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

Total revenue declined 6.8% on an annual basis to HK$674.7 million from HK$724.0 million, and total operating expenses decreased on an annual basis to HK$663.7 million from HK$683.0 million.

Reported net income declined 99.2% from the prior-year period to HK$247,000, or 0 cents per share, from HK$30.6 million, or 2 cents per share.

For the year, the company's normalized net income totaled 2 cents per share, a fall of 36.2% from 3 cents per share in the prior year.

Normalized net income was HK$32.2 million, a decrease of 36.2% from HK$50.6 million in the prior year.

Full-year total revenue fell from the prior-year period to HK$1.33 billion from HK$1.34 billion, and total operating expenses increased on an annual basis to HK$1.28 billion from HK$1.26 billion.

The company said reported net income decreased 46.4% on an annual basis to HK$33.1 million, or 2 cents per share, in the full year, from HK$61.7 million, or 4 cents per share.