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Travel Expert Enterprises fiscal H1 profit falls YOY

Travel Expert (Asia) Enterprises Ltd. said its normalized net income for the fiscal first half ended Sept. 30 came to 3 Hong Kong cents per share, a decrease of 18.3% 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$13.0 million, a decline of 17.0% from HK$15.7 million in the year-earlier period.

Total revenue climbed 10.1% year over year to HK$173.1 million from HK$157.3 million, and total operating expenses rose 16.2% on an annual basis to HK$154.5 million from HK$132.9 million.

Reported net income fell 18.8% from the prior-year period to HK$16.8 million, or 3 cents per share, from HK$20.7 million, or 4 cents per share.