Elders Ltd. said its normalized net income for the fiscal first half ended March 31 was 10 Australian cents per share, a gain from 5 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$12.1 million, an increase of 71.8% from A$7.1 million in the prior-year period.

Total revenue increased 15.8% on an annual basis to A$727.8 million from A$628.6 million, and total operating expenses grew 15.9% from the prior-year period to A$704.1 million from A$607.4 million.

Reported net income rose 54.6% on an annual basis to A$24.5 million, or 21 cents per share, from A$15.9 million, or 11 cents per share.