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Hong Kong Food Investment fiscal H1 profit climbs 57.6% YOY

Hong Kong Food Investment Holdings Ltd. said its normalized net income for the fiscal first half ended Sept. 30 amounted to 3 Hong Kong cents per share, an increase of 57.6% from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$7.1 million, an increase of 57.6% from HK$4.5 million in the prior-year period.

Total revenue declined 19.9% on an annual basis to HK$106.6 million from HK$133.0 million, and total operating expenses fell 20.2% year over year to HK$116.0 million from HK$145.4 million.

Reported net income rose from the prior-year period to HK$16.8 million, or 6 cents per share, from HK$7.3 million, or 3 cents per share.