Joyas International Holdings Ltd. said its first-half normalized net income was a loss of HK$1.8 million.

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

Total revenue declined 39.2% year over year to HK$36.8 million from HK$60.4 million, and total operating expenses decreased 34.5% on an annual basis to HK$38.6 million from HK$59.0 million.

Reported net income totaled a loss of HK$3.2 million, or a loss of 1 cents per share, compared to income of HK$300,000, or 0 cents per share, in the prior-year period.