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Gale Pacific swings to loss in fiscal H1

Gale Pacific Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2014, was a loss of A$1.1 million, compared with income of A$2.6 million in the year-earlier period.

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

Total revenue increased 10.8% year over year to A$67.4 million from A$60.9 million, and total operating expenses increased 21.7% on an annual basis to A$68.6 million from A$56.4 million.

Reported net income totaled a loss of A$659,600, or a loss of 0 cents per share, compared to income of A$3.5 million, or 1 cents per share, in the year-earlier period.