Asia Cassava Resources Holdings Ltd. said its normalized net income for the fiscal second half ended March 31 was 13 Hong Kong cents per share, a gain of 53.3% from 8 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was HK$73.6 million, an increase of 41.2% from HK$52.1 million in the year-earlier period.

Total revenue declined 36.0% on an annual basis to HK$1.90 billion from HK$2.97 billion, and total operating expenses declined 38.0% year over year to HK$1.78 billion from HK$2.88 billion.

Reported net income rose 48.7% on an annual basis to HK$113.6 million, or 20 cents per share, from HK$76.4 million, or 12 cents per share.

For the year, the company's normalized net income totaled 23 cents per share, a gain of 40.7% from 16 cents per share in the prior year.

Normalized net income was HK$115.7 million, a rise of 40.7% from HK$82.2 million in the prior year.

Full-year total revenue fell 28.4% year over year to HK$3.71 billion from HK$5.19 billion, and total operating expenses decreased 30.1% on an annual basis to HK$3.53 billion from HK$5.04 billion.

The company said reported net income increased 45.9% year over year to HK$173.2 million, or 34 cents per share, in the full year, from HK$118.7 million, or 23 cents per share.