Sanford Ltd. said its normalized net income for the fiscal first half ended March 31 amounted to 13 New Zealand cents per share, an increase of 28.3% from 10 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 NZ$12.6 million, an increase of 28.7% from NZ$9.8 million in the prior-year period.

Total revenue totaled NZ$226.0 million, compared with NZ$225.7 million in the year-earlier period, and total operating expenses decreased on an annual basis to NZ$201.2 million from NZ$206.6 million.

Reported net income decreased 18.7% from the prior-year period to NZ$9.6 million, or 10 cents per share, from NZ$11.8 million, or 13 cents per share.

As of May 25, US$1 was equivalent to NZ$1.37.