Wing On Co. International Ltd said its normalized net income for the first half came to 54 Hong Kong cents per share, a decrease of 22.2% from 70 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$160.4 million, a decline of 22.2% from HK$206.3 million in the prior-year period.

Total revenue declined 7.2% year over year to HK$884.6 million from HK$953.7 million, and total operating expenses decreased 12.2% from the prior-year period to HK$595.0 million from HK$677.7 million.

Reported net income decreased 13.8% on an annual basis to HK$430.3 million, or HK$1.46 per share, from HK$499.1 million, or HK$1.69 per share.