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Travel Expert Enterprises fiscal H2 profit climbs 18.0% YOY

Travel Expert (Asia) Enterprises Ltd. said its normalized net income for the fiscal second half ended March 31 came to 4 Hong Kong cents per share, a gain of 18.0% from 3 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$20.8 million, an increase of 18.0% from HK$17.6 million in the prior-year period.

Total revenue rose 27.7% on an annual basis to HK$202.4 million from HK$158.5 million, and total operating expenses grew 31.6% from the prior-year period to HK$173.3 million from HK$131.7 million.

Reported net income rose 26.7% year over year to HK$28.6 million, or 6 cents per share, from HK$22.6 million, or 4 cents per share.

For the year, the company's normalized net income totaled 7 cents per share, compared with 7 cents per share in the prior year.

Normalized net income was HK$33.8 million, a gain from HK$33.3 million in the prior year.

Full-year total revenue increased 18.9% year over year to HK$375.6 million from HK$315.8 million, and total operating expenses grew 23.9% on an annual basis to HK$327.8 million from HK$264.6 million.

The company said reported net income increased year over year to HK$45.4 million, or 9 cents per share, in the full year, from HK$43.3 million, or 8 cents per share.