Combine Will International Holdings Ltd. said its third-quarter normalized net income amounted to 6 Hong Kong cents per share, a decrease of 88.2% from 50 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$1.9 million, a decline of 88.2% from HK$16.3 million in the year-earlier period.

The normalized profit margin declined to 0.4% from 2.5% in the year-earlier period.

Total revenue declined 25.0% year over year to HK$479.5 million from HK$639.1 million, and total operating expenses decreased 21.6% on an annual basis to HK$476.0 million from HK$606.9 million.

Reported net income fell 19.2% on an annual basis to HK$2.4 million, or 7 cents per share, from HK$2.9 million, or 9 cents per share.