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Sun Hing Vision fiscal H2 profit climbs YOY

Sun Hing Vision Group Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 came to 10 Hong Kong cents per share, a gain from 3 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$26.7 million, an increase from HK$8.5 million in the prior-year period.

Total revenue rose 6.8% on an annual basis to HK$612.5 million from HK$573.5 million, and total operating expenses increased from the prior-year period to HK$571.7 million from HK$555.9 million.

Reported net income grew year over year to HK$33.6 million, or 13 cents per share, from HK$14.3 million, or 5 cents per share.

For the year, the company's normalized net income totaled 19 cents per share, an increase of 70.2% from 11 cents per share in the prior year.

Normalized net income was HK$51.1 million, a gain of 70.2% from HK$30.0 million in the prior year.

Full-year total revenue increased on an annual basis to HK$1.21 billion from HK$1.18 billion, and total operating expenses came to HK$1.14 billion, compared with HK$1.13 billion in the year-earlier period.

The company said reported net income increased 50.3% on an annual basis to HK$66.6 million, or 25 cents per share, in the full year, from HK$44.3 million, or 17 cents per share.