Sundart Holdings Ltd. said its first-half normalized net income was 9 Hong Kong cents per share, a decline from 9 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$174.5 million, a gain of 30.2% from HK$134.0 million in the prior-year period.

Total revenue fell 12.0% on an annual basis to HK$1.74 billion from HK$1.98 billion, and total operating expenses decreased 16.4% on an annual basis to HK$1.47 billion from HK$1.76 billion.

Reported net income rose 33.9% year over year to HK$246.5 million, or 12 cents per share, from HK$184.1 million, or 12 cents per share.