Yum! Brands reported Tuesday that net income in the second quarter was up 35 percent to $303 million, or 63 cents per share.

Revenue was $2.48 million, down 7 percent compared to the same quarter a year ago.

Diluted earnings per share was 63 cents, up 40 percent compared with the year ago period. This included a one-time gain of $68 million from an acquisition of additional ownership in the operating entity which owns the KFC business in Shanghai, China.

Excluding special items, EPS was $0.50, representing 10 percent growth, the company said.

China