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Veritas Investments fiscal H1 profit falls YOY

Veritas Investments Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2015, amounted to NZ$96,840, a decline of 91.3% from NZ$1.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue grew 84.7% year over year to NZ$31.6 million from NZ$17.1 million, and total operating expenses increased 99.9% year over year to NZ$30.6 million from NZ$15.3 million.

Reported net income totaled a loss of NZ$3.3 million, or a loss of 8 cents per share, compared to income of NZ$1.8 million, or 5 cents per share, in the prior-year period.

As of Feb. 24, US$1 was equivalent to NZ$1.51.