Sa Sa International Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to 14 Hong Kong cents per share, a decline of 11.7% from 16 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$390.8 million, a decrease of 11.8% from HK$443.0 million in the prior-year period.

Total revenue fell year over year to HK$4.77 billion from HK$4.86 billion, and total operating expenses came to HK$4.15 billion, compared with HK$4.16 billion in the prior-year period.

Reported net income decreased 13.3% on an annual basis to HK$500.9 million, or 18 cents per share, from HK$577.9 million, or 20 cents per share.

For the year, the company's normalized net income totaled 23 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29 cents.

EPS declined 8.4% from 25 cents in the prior year.

Normalized net income was HK$652.4 million, a fall of 8.3% from HK$711.6 million in the prior year.

Full-year total revenue rose year over year to HK$8.99 billion from HK$8.76 billion, and total operating expenses grew on an annual basis to HK$7.97 billion from HK$7.64 billion.

The company said reported net income fell 10.3% year over year to HK$840.1 million, or 30 cents per share, in the full year, from HK$936.6 million, or 33 cents per share.