L&A International Holdings Ltd. said its normalized net income for the fiscal first quarter ended June 30 was a loss of HK$1.6 million, compared with a loss of HK$2.6 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 negative 4.3% from negative 3.3% in the year-earlier period.

Total revenue declined 54.2% on an annual basis to HK$37.3 million from HK$81.4 million, and total operating expenses declined 44.4% from the prior-year period to HK$44.7 million from HK$80.5 million.

Reported net income came to a loss of HK$3.6 million, or a loss of 0 cents per share, compared to a loss of HK$4.4 million, or a loss of 1 cents per share, in the year-earlier period.