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Asia Cassava Resources fiscal H1 profit climbs YOY

Asia Cassava Resources Holdings Ltd. said its normalized net income for the fiscal first half ended Sept. 30 came to 7 Hong Kong cents per share, a decline of 9.6% from 8 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$42.6 million, a gain from HK$41.5 million in the prior-year period.

Total revenue increased 5.6% on an annual basis to HK$1.93 billion from HK$1.83 billion, and total operating expenses climbed 5.8% year over year to HK$1.86 billion from HK$1.76 billion.

Reported net income rose from the prior-year period to HK$60.8 million, or 10 cents per share, from HK$58.7 million, or 11 cents per share.