Actually, it's doing this:
concat(1, ".", round(100 * 05 / 60))
concat(1, ".", round(8.33333))
concat(1, ".", 8)
1.8
And I must blame my own naïveté for posting that faulty formula 3 years ago.
I'd suggest this formula:
round(100 * substring-before(IncomingTime, ":") + 100 * (substring-after(IncomingTime, ":") div 60)) div 100
And I'll correct my post above.