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A2 Milk fiscal H1 profit climbs YOY

a2 Milk Co. Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, was NZ$1.5 million, a gain from NZ$378,750 in the year-earlier period.

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

Total revenue grew 38.1% year over year to NZ$74.8 million from NZ$54.2 million, and total operating expenses increased 38.1% on an annual basis to NZ$72.4 million from NZ$52.4 million.

Reported net income fell 80.6% year over year to NZ$125,000, or 0 cents per share, from NZ$643,000, or 0 cents per share.

As of Feb. 25, US$1 was equivalent to NZ$1.33.