Emmi AG said its normalized net income for the second half was CHF11.33 per share, an increase of 21.7% from CHF9.31 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was CHF60.6 million, an increase of 21.4% from CHF49.9 million in the year-earlier period.

Total revenue decreased 7.2% on an annual basis to CHF1.65 billion from CHF1.78 billion, and total operating expenses fell 8.4% year over year to CHF1.54 billion from CHF1.68 billion.

Reported net income increased 7.1% year over year to CHF74.0 million, or CHF13.84 per share, from CHF69.1 million, or CHF12.88 per share.

For the year, the company's normalized net income totaled CHF17.65 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of CHF20.96.

EPS rose 14.5% from CHF15.42 in the prior year.

Normalized net income was CHF94.4 million, an increase of 14.5% from CHF82.5 million in the prior year.

Full-year total revenue declined 5.6% on an annual basis to CHF3.21 billion from CHF3.40 billion, and total operating expenses decreased 6.7% year over year to CHF3.02 billion from CHF3.23 billion.

The company said reported net income rose 52.3% on an annual basis to CHF120.2 million, or CHF22.46 per share, in the full year, from CHF78.9 million, or CHF14.75 per share.