Crocodile Garments Ltd. said its normalized net income for the fiscal second half ended July 31 came to a loss of 2 Hong Kong cents per share, compared with a loss of 1 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 a loss of HK$19.2 million, compared with a loss of HK$13.9 million in the prior-year period.

Total revenue decreased 17.7% on an annual basis to HK$187.0 million from HK$227.3 million, and total operating expenses declined 12.2% on an annual basis to HK$242.2 million from HK$275.9 million.

Reported net income declined 97.6% year over year to HK$955,050, or 0 cents per share, from HK$39.9 million, or 4 cents per share.

For the year, the company's normalized net income totaled a loss of 3 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was a loss of HK$27.4 million, compared with a loss of HK$25.3 million in the prior year.

Full-year total revenue fell 19.2% on an annual basis to HK$405.3 million from HK$501.8 million, and total operating expenses fell 15.7% on an annual basis to HK$497.8 million from HK$590.8 million.

The company said reported net income declined 51.7% year over year to HK$51.2 million, or 5 cents per share, in the full year, from HK$106.0 million, or 11 cents per share.