Sincere Watch (Hong Kong) Ltd said its normalized net income for the fiscal second half ended March 31 was HK$11.0 million, a decrease of 45.1% from HK$20.1 million in the prior-year period.

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

Total revenue decreased 14.4% year over year to HK$275.7 million from HK$322.2 million, and total operating expenses declined 8.9% on an annual basis to HK$262.8 million from HK$288.7 million.

Reported net income declined 21.7% from the prior-year period to HK$14.4 million, or 0 cents per share, from HK$18.4 million, or 1 cents per share.

For the year, the company's normalized net income totaled HK$30.8 million, a fall of 30.2% from HK$44.1 million in the prior year.

Full-year total revenue fell 9.0% on an annual basis to HK$589.7 million from HK$648.0 million, and total operating expenses declined year over year to HK$553.1 million from HK$567.1 million.

The company said reported net income fell 22.9% year over year to HK$40.1 million, or 1 cents per share, in the full year, from HK$52.1 million, or 2 cents per share.