Trilogy International Ltd said its normalized net income for the fiscal second half ended March 31 amounted to 3 New Zealand cents per share, a gain of 65.6% from 2 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$2.2 million, an increase from NZ$1.0 million in the year-earlier period.

Total revenue increased 31.9% year over year to NZ$21.3 million from NZ$16.2 million, and total operating expenses climbed 24.3% on an annual basis to NZ$17.7 million from NZ$14.2 million.

Reported net income grew year over year to NZ$3.5 million, or 4 cents per share, from NZ$1.3 million, or 2 cents per share.

For the year, the company's normalized net income totaled 4 cents per share, a gain from 1 cents per share in the prior year.

Normalized net income was NZ$2.9 million, a rise from NZ$787,500 in the prior year.

Full-year total revenue rose 23.0% from the prior-year period to NZ$36.6 million from NZ$29.8 million, and total operating expenses rose 13.7% on an annual basis to NZ$31.9 million from NZ$28.1 million.

The company said reported net income rose year over year to NZ$4.5 million, or 7 cents per share, in the full year, from NZ$1.1 million, or 2 cents per share.

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