Chow Tai Fook Jewellery Group Ltd said its normalized net income for the fiscal second half ended March 31 amounted to 20 Hong Kong cents per share, a decline of 29.4% from 28 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$1.99 billion, a decline of 29.4% from HK$2.81 billion in the year-earlier period.
Total revenue decreased 11.8% on an annual basis to HK$34.96 billion from HK$39.64 billion, and total operating expenses decreased 9.5% year over year to HK$31.76 billion from HK$35.08 billion.
Reported net income fell 26.6% from the prior-year period to HK$2.76 billion, or 28 cents per share, from HK$3.76 billion, or 38 cents per share.
For the year, the company's normalized net income totaled 41 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 60 cents.
EPS declined 26.0% from 56 cents in the prior year.
Normalized net income was HK$4.11 billion, a decline of 26.0% from HK$5.55 billion in the prior year.
Full-year total revenue decreased 17.0% on an annual basis to HK$64.28 billion from HK$77.41 billion, and total operating expenses decreased 15.9% on an annual basis to HK$57.55 billion from HK$68.46 billion.
The company said reported net income fell 25.0% on an annual basis to HK$5.46 billion, or 55 cents per share, in the full year, from HK$7.27 billion, or 73 cents per share.
