Fulum Group Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was 9 Hong Kong cents per share, a decrease of 9.6% from 10 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$109.0 million, a gain of 16.0% from HK$94.0 million in the year-earlier period.

Total revenue increased 15.4% year over year to HK$1.38 billion from HK$1.19 billion, and total operating expenses rose 17.1% year over year to HK$1.20 billion from HK$1.03 billion.

Reported net income declined on an annual basis to HK$120.2 million, or 10 cents per share, from HK$124.3 million, or 13 cents per share.

For the year, the company's normalized net income totaled 13 cents per share, a decline of 5.1% from 13 cents per share in the prior year.

Normalized net income was HK$139.7 million, a rise of 8.4% from HK$128.9 million in the prior year.

Full-year total revenue rose 13.9% year over year to HK$2.54 billion from HK$2.23 billion, and total operating expenses grew 15.6% on an annual basis to HK$2.32 billion from HK$2.01 billion.

The company said reported net income decreased year over year to HK$160.3 million, or 14 cents per share, in the full year, from HK$167.5 million, or 17 cents per share.