China Maple Leaf Educational Systems Ltd. said its normalized net income for the fiscal first half ended Feb. 28 was 3 fen per share, a decline of 11.4% from 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 38.0 million yuan, a gain of 32.6% from 28.7 million yuan in the year-earlier period.

Total revenue increased 23.5% on an annual basis to 300.0 million yuan from 242.9 million yuan, and total operating expenses grew 29.0% from the prior-year period to 242.7 million yuan from 188.1 million yuan.

Reported net income grew on an annual basis to 56.7 million yuan, or 5 fen per share, from 23.0 million yuan, or 3 fen per share.

As of May 19, US$1 was equivalent to 6.21 yuan.