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New Century Group Hong Kong swings to profit in fiscal H1

New Century Group Hong Kong Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was HK$44.3 million, compared with a loss of HK$2.4 million in the year-earlier period.

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

Total revenue increased year over year to HK$87.3 million from HK$31.4 million, and total operating expenses fell 22.3% from the prior-year period to HK$18.9 million from HK$24.3 million.

Reported net income grew from the prior-year period to HK$27.9 million, or 0 cents per share, from HK$13.2 million, or 0 cents per share.