Sincere Co. Ltd. said its normalized net income for the fiscal second half ended Feb. 28 was a loss of 10 Hong Kong cents per share, compared with a loss of 10 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 a loss of HK$30.5 million, compared with a loss of HK$32.4 million in the prior-year period.

Total revenue decreased 7.2% on an annual basis to HK$203.5 million from HK$219.4 million, and total operating expenses declined 9.6% from the prior-year period to HK$265.6 million from HK$293.9 million.

Reported net income came to a loss of HK$53.5 million, or a loss of 17 cents per share, compared to a loss of HK$52.3 million, or a loss of 17 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 26 cents per share, compared with a loss of 15 cents per share in the prior year.

Normalized net income was a loss of HK$80.5 million, compared with a loss of HK$47.1 million in the prior year.

Full-year total revenue decreased 16.6% from the prior-year period to HK$370.3 million from HK$444.1 million, and total operating expenses decreased 5.1% on an annual basis to HK$529.8 million from HK$558.2 million.

The company said reported net income totaled a loss of HK$122.6 million, or a loss of 39 cents per share, in the full year, compared with a loss of HK$85.1 million, or a loss of 27 cents per share, the prior year.