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Kong Shum Union fiscal Q2 profit climbs 60.2% YOY

Heng Sheng Holdings Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was HK$2.9 million, an increase of 60.2% from HK$1.8 million in the prior-year period.

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

The normalized profit margin increased to 3.1% from 2.2% in the year-earlier period.

Total revenue increased 11.8% on an annual basis to HK$94.1 million from HK$84.2 million, and total operating expenses increased 9.8% on an annual basis to HK$89.1 million from HK$81.2 million.

Reported net income rose 49.7% from the prior-year period to HK$3.4 million, or 1 cents per share, from HK$2.3 million, or 1 cents per share.