Good afternoon, ladies and gentlemen. Thank you for joining us today for Vitasoy's interim results briefing for fiscal year 2024 and 2025. Before we start, I would like to introduce you to the senior management of Vitasoy Group. Sitting in the middle of the head table, we have Mr. Winston Lo, Executive Chairman of Vitasoy Group.
Good afternoon.
On the left-hand side of Mr. Lo, we have Ms. Mae Lo, Deputy Executive Chairman. On Mr. Lo's right-hand side, we have Mr. Roberto Guidetti, our Group Chief Executive Officer.
Good afternoon.
Last but not least, we have Ms. Ian Ng, Group Chief Financial Officer. In the following presentation, we'll first have Ian provide us with a review of the company's financial performance, followed by Roberto's presentations on the business results of different markets and the outlook. We'll then have a Q&A session. Now, let's invite Ian to speak to us. Ian, please.
Thank you, Angela. Good afternoon, ladies and gentlemen. Welcome to our interim results announcement briefing. Before we start our presentation, I would like to draw your attention to this disclaimer regarding the forward-looking statement in this presentation. For the six months ended 30th September 2024, the Group's revenue increased 2% to HKD 3.4 billion, while continuously driving improvements in profitability across our key markets. Gross profit margin increased to 51.6% in the interim period, mainly attributable to low commodity cost and production optimization savings. Profits from operations grew substantially by 50%, with the main contributor being our Mainland China business and Hong Kong operation. Net of currency impact, profits from operations grew 52%. Profits to shareholders grew 5% comparing to the previous interim period. Our strong growth in Mainland China profitability led to the utilization of deferred tax assets, resulting in a deferred tax charge.
Together with a decrease in deferred tax credits from Australia and movement of deferred tax assets and liabilities in other markets, the Group registered an income tax expense of HKD 64 million versus the income tax credit of HKD 9 million in the previous interim period. As a result, profits to shareholders grew 5% to HKD 171 million. Earnings per share was HKD 15.9, increased by 5% comparing to the last interim period. Now, let's move on to CapEx. Capital spending for the period was HKD 45 million. The financial position of the Group remains strong. As of 30th September 2024, cash on hand was HKD 1.34 billion. Net of bank borrowings, cash on hand was HKD 935 million.
Gearing ratio before netting of cash for the Group slightly increased to 25%. Excluding lease liabilities, gearing ratio slightly increased to 16%. The Group's return on capital employed, ROCE, increased to 14%.
To rebalance the full-year dividends payment while maintaining a stable annual payout ratio and having considered the Group's solid cash position, the Board of Directors recommends an interim dividend of HKD 4 per ordinary share. This ends the first section of the presentation. Now, I would like to invite our Group CEO, Mr. Roberto Guidetti, to share with you the by-market review and talk about the outlook of the Group's business. Thank you.
Thank you, Ian. Let me now share with you the review of our business overall and by geography. We are happy to announce that we have delivered sales growth while continuing our strong improvement in operating profit margin. Group revenue grew 2% during the first half of the financial year. Mainland China was stable overall due to broad-based growth across regions, being offset by some limited erosion in the online business. All the subregions of Mainland China are growing on the back of our improving commercial execution, on top of sustaining strong-performing product innovation on both brands, Vitasoy and Vita. All the other markets, Hong Kong operation, Australia, New Zealand, Singapore, and Philippines, are growing sales, reflecting strong equity portfolio and execution performance. The Group operating profit was up significantly at +50% in HKD and 52% net of currency impact.
We are encouraged by Mainland China restoring its double-digit operating profit margin at 11%, with the operating profit growing 16% versus last year. Hong Kong operation delivered a strong profit performance at 14% operating margin and a growth of 44% versus last year. Most other geographies improved profitability, reflecting higher sales and continuous focus on structural and operational efficiency. In the second half of the financial year, as we navigate an increasingly dynamic landscape in our industry, we will stay focused on driving our profitable revenue growth path. Mainland China will continue its path of rescaling the operation to its former peak and beyond, and doing so profitably. Hong Kong operation will sustain a single-digit growth behind their ability to effectively execute and expand product innovation. For the whole of China, in the context of deflationary competitive pressures, we will secure our value competitiveness on both brands, Vitasoy and Vita.
Australia and the ASEAN region will sustain top-line growth while concurrently improving our bottom-line results. Looking ahead, we stay confident in our long-term potential, plant-based food and beverages, sorry, in our long-term potential, because plant-based food and beverages are increasingly relevant to a new generation of shoppers and growing well when properly executed. Per capita consumption growth and geographical expansions continue to present very meaningful opportunities. Now, on the revenue, China total slightly grew by 1%, stable in Mainland China and plus 3% in Hong Kong operation. Mainland China stays the biggest market by revenue at 56% of our Group. Hong Kong operation revenues increased to 34% of the Group. Australia, New Zealand grew revenues strongly and thus increased their percentage of Group revenues to 8%. On the operating profit, we are able to register substantial operating profit growth for the total Group.
All markets improving results except Australia due to expenses to complete manufacturing interventions after having resolved previous production issues. Meanwhile, we have also streamlined our corporate functions, reducing corporate and unallocated expenses. Let's now move to our review by markets, starting with our biggest, China. China overall total revenue was HKD 3.1 billion, up 1% versus last year.
Operating profit grew substantially by 26% to HKD 378 million, and then I will now cover the components, Mainland China and Hong Kong operation results, separately. In Mainland China, we continue to strengthen our performance. Our focus is on commercial organization structure and process improvement to secure sustainable improved results in the future. In these six months, our revenues have grown across all physical regions, where we have intensified our commercial focus. This growth has been offset by erosion in the online business, where we are mindful to manage our presence compatibly with profitability.
Both Vitasoy and Vita brands have deployed new equity campaigns. Further, both brands' activities have renewed attention to price competitiveness, given the increasing level of price promotions in the market, particularly in the ready-to-drink tea category. We have continued our product innovation and leveraged the exciting new core product items that we introduced to you in June when we met for our last results announcement. They are the banana and strawberry flavored soy milk, VLT Zero, and VLT Zero Sparkling. These items have complemented our core portfolio to deliver incremental growth in our geographical regions. On e-commerce, while we recognize the strategic importance of digital channels in today's retail landscape, we have recalibrated our efforts so to continue to drive brand awareness, enhance shopper experience while securing profitability. Going forward, we stay confident in our long-term growth potential for both plant milk and ready-to-drink tea.
We will continue to concentrate our resources on our core portfolio, channels, and geographies. Our improved operational efficiency enables us to secure our competitive position in a more value-driven and fragmented market. We will continue to drive all-round operational improvement to put us in an even stronger position to accelerate profitable revenue growth. Now, moving to Hong Kong operation, this has been an encouraging first half, confirming the strength of our equities and activities in this critical market. Hong Kong operation delivers steady revenue growth of 3% as a result of sustained core business strength and impressive performance on our product innovation on both brands. Our Vitaland school business and our export business also registered revenue growth along normalized school attendance and stronger overseas demand, respectively. Operating profit grew substantially by 44%, driven by higher sales volume and lower raw material prices.
Let's now move to our overseas businesses, starting from Australia and New Zealand. Our revenues in Australia and New Zealand have restored their growth trajectory. All main brand platforms are growing thanks to disciplined execution and strong shopper demand. Our chilled business continues to be the fastest growing, while the new yogurt platform continues to deliver incremental sales, expanding our brand presence in this big and exciting category. On the bottom line, the operating loss was due to costs related to manufacturing issues which have affected the operation over last year. Encouragingly, the issues have now been resolved, and the factory is operating normally and is fully able to leverage its capacity. Our goal is to substantially reduce the operating loss and get back to profitability going forward. And let me now close the segmental review by covering our Southeast Asia market, starting from Singapore.
Revenue from Singapore increased by 5% in local currency. The growth was driven by the tofu business, while beverages temporarily contracted as we transitioned the business to a new distributor. We will continue to leverage the tofu business, build up beverage growth, and continue stringent cost control to restore profitability. And now, let's close the by-market review via a brief update on our business in the Philippines. Our joint venture in the Philippines with Universal Robina Corporation, URC, continues its gradual scale-up, with our single serve on-the-go platform driving the overall growth behind our new marketing campaign. On multi-serve for home occasion, our new almond and oat fortified platforms are gaining traction in the market, driving growth and portfolio breadth for our business and satisfying shoppers' interest into these new and tasty plant milk offerings.
We will focus on continuing our awareness and trial to grow sales and market share, leveraging the current strong momentum and our complete portfolio, addressing shoppers' preferences across soy, oat, almond, and different consumption occasions. In summary, our Group registered top-line growth in the first six months. Mainland China was stable, growing revenues across all regions while recalibrating e-commerce. All other markets grew sales. Group operating profit improved substantially as a result of improved gross margin and stringent cost control. In the second half of the financial year, we will work to sustain sales growth while continuing to drive operational efficiencies. Looking ahead, we are confident in our long-term potential within our exciting product categories. There continues to be significant opportunities in per capita consumption growth driven by effective execution, expansion, and innovation. That's all for our sharing, and so we're now open for questions. Thank you.