Rhodes Food Group Holdings Ltd. said its normalized net income for the fiscal first half ended March 29 came to 25 South African cents per share, a gain of 21.4% from 20 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 56.9 million rand, an increase of 55.1% from 36.7 million rand in the prior-year period.

Total revenue rose 12.4% on an annual basis to 1.29 billion rand from 1.15 billion rand, and total operating expenses increased 15.1% from the prior-year period to 1.21 billion rand from 1.05 billion rand.

Reported net income rose 55.8% on an annual basis to 58.9 million rand, or 26 cents per share, from 37.8 million rand, or 21 cents per share.

As of May 25, US$1 was equivalent to 11.96 rand.