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Livestock Improvement fiscal H2 loss widens 69.4% YOY

Livestock Improvement Corp. Ltd. said its normalized net income for the fiscal second half ended May 31 amounted to a loss of 46 New Zealand cents per share, compared with a loss of 27 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 loss of NZ$13.5 million, compared with a loss of NZ$8.0 million in the prior-year period.

Total revenue declined on an annual basis to NZ$71.1 million from NZ$72.8 million, and total operating expenses rose 8.2% from the prior-year period to NZ$93.1 million from NZ$86.0 million.

Reported net income totaled a loss of NZ$15.8 million, or a loss of 54 cents per share, compared to a loss of NZ$8.9 million, or a loss of 30 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 42 cents per share, a decline of 21.1% from 54 cents per share in the prior year.

Normalized net income was NZ$12.5 million, a decline of 21.1% from NZ$15.9 million in the prior year.

Full-year total revenue increased 10.1% from the prior-year period to NZ$228.4 million from NZ$207.4 million, and total operating expenses grew 13.9% on an annual basis to NZ$207.9 million from NZ$182.6 million.

The company said reported net income decreased 23.3% on an annual basis to NZ$13.8 million, or 47 cents per share, in the full year, from NZ$18.0 million, or 61 cents per share.

As of July 23, US$1 was equivalent to NZ$1.51.