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Kathmandu Holdings swings to loss in fiscal H1

Kathmandu Holdings Ltd. said its normalized net income for the fiscal first half ended Jan. 31 came to a loss of NZ$1.1 million, compared with income of NZ$9.4 million in the prior-year period.

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

Total revenue climbed 7.0% on an annual basis to NZ$179.4 million from NZ$167.6 million, and total operating expenses climbed 19.1% on an annual basis to NZ$178.8 million from NZ$150.1 million.

Reported net income totaled a loss of NZ$1.8 million, or a loss of 1 cents per share, compared to income of NZ$11.3 million, or 6 cents per share, in the year-earlier period.

As of March 24, US$1 was equivalent to NZ$1.31.