Sa Sa International Holdings Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was 4 Hong Kong cents per share, a decrease of 51.3% 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$127.2 million, a decline of 51.4% from HK$261.6 million in the prior-year period.

Total revenue decreased 10.6% year over year to HK$3.78 billion from HK$4.23 billion, and total operating expenses fell 6.2% on an annual basis to HK$3.58 billion from HK$3.82 billion.

Reported net income declined 54.7% from the prior-year period to HK$153.6 million, or 5 cents per share, from HK$339.1 million, or 12 cents per share.