Kingold Jewelry Inc. said its normalized net income for the second quarter was $91,000, a fall of 99.4% from $14.1 million in the year-earlier period.

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

The normalized profit margin fell to 0.0% from 4.1% in the year-earlier period.

Total revenue decreased 26.6% on an annual basis to $249.4 million from $339.8 million, and total operating expenses declined 21.3% on an annual basis to $249.3 million from $317.0 million.

Reported net income decreased 96.0% on an annual basis to $659,640, or 1 cents per share, from $16.5 million, or 25 cents per share.