Kin Yat Holdings Ltd said its normalized net income for the fiscal first half ended Sept. 30 came to 9 Hong Kong cents per share, a gain of 31.4% from 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$36.7 million, an increase of 31.6% from HK$27.9 million in the year-earlier period.

Total revenue declined year over year to HK$1.22 billion from HK$1.26 billion, and total operating expenses decreased 5.2% on an annual basis to HK$1.17 billion from HK$1.23 billion.

Reported net income grew year over year to HK$41.7 million, or 10 cents per share, from HK$19.5 million, or 5 cents per share.