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U Banquet Group Q1 profit climbs YOY

U Banquet Group Holding Ltd said its first-quarter normalized net income was HK$4.9 million, a rise from HK$867,880 in the year-earlier period.

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

The normalized profit margin climbed to 4.4% from 0.8% in the year-earlier period.

Total revenue grew 8.0% year over year to HK$111.0 million from HK$102.7 million, and total operating expenses increased on an annual basis to HK$102.9 million from HK$99.8 million.

Reported net income grew on an annual basis to HK$6.5 million, or 1 cents per share, from HK$800,000, or 0 cents per share.