Jardine Matheson Holdings Ltd. posted a year-over-year decline in its net income for the first half of fiscal 2018 despite growth in revenues.

The company recorded net income of $928 million, or $2.47 per share, in the half ending June 30, down by 57% from $2.17 billion, or $5.78 per share, in the 2017 first half.

Revenue for the first half rose to $21.33 billion, increasing by 14% from $18.78 billion in the prior-year period.

The company said its net operating costs rose to $19.66 billion from $16.85 billion. Operating profit declined to $2.34 billion in the first half, from $4.63 billion.