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Kong Shum Union fiscal Q1 profit climbs 7.8% YOY

Kong Shum Union Property Management (Holding) Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to HK$1.3 million, a gain of 7.8% from HK$1.2 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 increased to 1.6% from 1.6% in the year-earlier period.

Total revenue rose 6.7% on an annual basis to HK$82.4 million from HK$77.3 million, and total operating expenses increased 7.1% from the prior-year period to HK$80.2 million from HK$74.9 million.

Reported net income grew 6.5% on an annual basis to HK$1.7 million, or 0 cents per share, from HK$1.6 million, or 1 cents per share.