GrainCorp Ltd. said its normalized net income for the fiscal second half ended Sept. 30 came to 3 Australian cents per share, a decline of 71.0% from 11 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 A$7.7 million, a decline of 70.8% from A$26.3 million in the prior-year period.

Total revenue climbed year over year to A$2.11 billion from A$2.04 billion, and total operating expenses grew year over year to A$2.08 billion from A$2.04 billion.

Reported net income increased from the prior-year period to A$1.9 million, or 1 cents per share, from A$346,610, or 0 cents per share.

For the year, the company's normalized net income totaled 16 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 20 cents.

EPS declined 52.6% from 35 cents in the prior year.

Normalized net income was A$37.6 million, a fall of 52.6% from A$79.2 million in the prior year.

Full-year total revenue totaled A$4.09 billion, compared with A$4.09 billion in the prior year, and total operating expenses declined on an annual basis to A$3.96 billion from A$4.02 billion.

The company said reported net income declined 36.3% year over year to A$32.1 million, or 14 cents per share, in the full year, from A$50.3 million, or 22 cents per share.