Victory Group Ltd said its normalized net income for the first half came to a loss of HK$3.7 million, compared with a loss of HK$6.5 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell 35.1% year over year to HK$3.3 million from HK$5.1 million, and total operating expenses fell 34.0% from the prior-year period to HK$10.3 million from HK$15.6 million.

Reported net income totaled a loss of HK$6.5 million, or a loss of 1 cents per share, compared to a loss of HK$10.7 million, or a loss of 1 cents per share, in the year-earlier period.