Larry Jewelry International Co. Ltd. said its normalized net income for the first quarter was a loss of 1 Hong Kong cents per share, compared with a loss of 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 a loss of HK$3.9 million, compared with a loss of HK$6.2 million in the year-earlier period.

The normalized profit margin rose to negative 13.0% from negative 13.2% in the year-earlier period.

Total revenue decreased 36.0% on an annual basis to HK$30.3 million from HK$47.4 million, and total operating expenses decreased 34.5% year over year to HK$37.7 million from HK$57.6 million.

Reported net income totaled a loss of HK$6.3 million, or a loss of 2 cents per share, compared to a loss of HK$9.8 million, or a loss of 3 cents per share, in the year-earlier period.