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Asia Cassava Resources fiscal H1 profit climbs 39.8% YOY

Asia Cassava Resources Holdings Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was 9 Hong Kong cents per share, a gain of 24.3% 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$42.1 million, an increase of 39.8% from HK$30.1 million in the year-earlier period.

Total revenue decreased 18.3% year over year to HK$1.81 billion from HK$2.22 billion, and total operating expenses declined 19.5% on an annual basis to HK$1.74 billion from HK$2.17 billion.

Reported net income increased 40.8% from the prior-year period to HK$59.6 million, or 13 cents per share, from HK$42.3 million, or 11 cents per share.