Four Seas Mercantile Holdings Ltd said its normalized net income for the fiscal second half ended March 31 was 15 Hong Kong cents per share, a decrease of 7.5% from 16 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$57.1 million, a decline of 8.4% from HK$62.3 million in the year-earlier period.

Total revenue increased on an annual basis to HK$1.49 billion from HK$1.48 billion, and total operating expenses came to HK$1.39 billion, compared with HK$1.38 billion in the prior-year period.

Reported net income fell 24.7% from the prior-year period to HK$67.1 million, or 17 cents per share, from HK$89.0 million, or 23 cents per share.

For the year, the company's normalized net income totaled 27 cents per share, a decrease from 29 cents per share in the prior year.

Normalized net income was HK$105.5 million, a decline of 5.0% from HK$111.0 million in the prior year.

Full-year total revenue totaled HK$2.91 billion, compared with HK$2.91 billion in the prior year, and total operating expenses came to HK$2.74 billion, compared with HK$2.75 billion in the prior-year period.

The company said reported net income declined 12.5% year over year to HK$140.2 million, or 36 cents per share, in the full year, from HK$160.1 million, or 41 cents per share.