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Shriro Holdings swings to profit in H1

Shriro Holdings Ltd. said its first-half normalized net income was 3 Australian cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$2.8 million, compared with a loss of A$1.3 million in the year-earlier period.

Total revenue fell year over year to A$79.2 million from A$83.1 million, and total operating expenses declined 6.1% on an annual basis to A$74.1 million from A$78.9 million.

Reported net income totaled A$3.2 million, or 3 cents per share, compared to a loss of A$3.1 million, or a loss of 5 cents per share, in the prior-year period.