Taste Holdings Ltd. said its normalized net income for the fiscal second half ended Feb. 28 came to 4 South African cents per share, a decrease of 59.9% from 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.9 million rand, a decrease of 50.0% from 17.9 million rand in the prior-year period.

Total revenue grew 32.0% on an annual basis to 421.4 million rand from 319.3 million rand, and total operating expenses grew 40.4% year over year to 403.6 million rand from 287.4 million rand.

Reported net income declined 54.3% on an annual basis to 8.7 million rand, or 3 cents per share, from 19.0 million rand, or 9 cents per share.

For the year, the company's normalized net income totaled 7 cents per share, a fall of 52.1% from 14 cents per share in the prior year.

Normalized net income was 15.1 million rand, a fall of 45.6% from 27.7 million rand in the prior year.

Full-year total revenue rose 24.2% on an annual basis to 723.7 million rand from 582.8 million rand, and total operating expenses rose 29.8% on an annual basis to 692.1 million rand from 533.1 million rand.

The company said reported net income decreased 48.2% year over year to 15.7 million rand, or 7 cents per share, in the full year, from 30.3 million rand, or 15 cents per share.

As of May 26, US$1 was equivalent to 12.07 rand.