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New Century Group Hong Kong fiscal H2 profit climbs YOY

New Century Group Hong Kong Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to HK$6.3 million, an increase from HK$2.0 million in the prior-year period.

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

Total revenue increased 66.4% year over year to HK$60.6 million from HK$36.4 million, and total operating expenses totaled HK$19.1 million, compared with HK$19.2 million in the prior-year period.

Reported net income grew from the prior-year period to HK$53.9 million, or 1 cents per share, from HK$24.2 million, or 0 cents per share.

For the year, the company's normalized net income totaled HK$50.6 million, compared with a loss of HK$-384,130 in the prior year.

Full-year total revenue rose year over year to HK$147.9 million from HK$67.8 million, and total operating expenses decreased 12.7% on an annual basis to HK$38.0 million from HK$43.5 million.

The company said reported net income increased year over year to HK$81.7 million, or 1 cents per share, in the full year, from HK$37.3 million, or 1 cents per share.