Capital Estate Ltd. said its normalized net income for the fiscal first half ended Jan. 31 was a loss of HK$15.6 million, compared with a loss of HK$5.4 million in the prior-year period.

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

Total revenue declined 20.7% on an annual basis to HK$50.9 million from HK$64.2 million, and total operating expenses declined 11.9% from the prior-year period to HK$71.7 million from HK$81.4 million.

Reported net income came to a loss of HK$40.8 million, or a loss of 1 cents per share, compared to a loss of HK$775,000, or a loss of 0 cents per share, in the year-earlier period.