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Scales Corp. swings to profit in H2

Scales Corp. Ltd said its normalized net income for the second half was 2 New Zealand cents per share, compared with a loss of 2 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 NZ$2.6 million, compared with a loss of NZ$2.9 million in the year-earlier period.

Total revenue rose 24.1% year over year to NZ$140.2 million from NZ$113.0 million, and total operating expenses climbed 19.8% from the prior-year period to NZ$139.3 million from NZ$116.2 million.

Reported net income totaled NZ$5.7 million, or 4 cents per share, compared to a loss of NZ$2.3 million, or a loss of 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 22 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 26 cents.

EPS rose 88.4% from 12 cents in the prior year.

Normalized net income was NZ$31.3 million, a rise from NZ$15.2 million in the prior year.

Full-year total revenue grew 14.5% from the prior-year period to NZ$301.4 million from NZ$263.3 million, and total operating expenses rose 7.7% on an annual basis to NZ$252.8 million from NZ$234.7 million.

The company said reported net income increased on an annual basis to NZ$39.0 million, or 28 cents per share, in the full year, from NZ$18.0 million, or 14 cents per share.

As of Feb. 25, US$1 was equivalent to NZ$1.49.