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Tse Sui Luen Jewellery (International) fiscal H1 profit falls YOY

Tse Sui Luen Jewellery (International) Ltd. said its normalized net income for the fiscal first half ended Aug. 31 was 11 Hong Kong cents per share, a decrease of 33.8% from 17 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$27.4 million, a decline of 33.8% from HK$41.5 million in the year-earlier period.

Total revenue decreased 14.6% on an annual basis to HK$1.82 billion from HK$2.13 billion, and total operating expenses fell 14.5% on an annual basis to HK$1.74 billion from HK$2.04 billion.

Reported net income decreased 45.7% from the prior-year period to HK$25.8 million, or 11 cents per share, from HK$47.6 million, or 19 cents per share.