Fountain Set (Holdings) Ltd said its first-half normalized net income amounted to 4 Hong Kong cents per share, an increase from 2 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$51.7 million, a gain from HK$21.6 million in the prior-year period.

Total revenue fell on an annual basis to HK$3.08 billion from HK$3.20 billion, and total operating expenses declined 5.7% year over year to HK$2.94 billion from HK$3.12 billion.

Reported net income rose from the prior-year period to HK$67.5 million, or 6 cents per share, from HK$26.5 million, or 2 cents per share.