Tiger Brands Ltd. said its normalized net income for the fiscal first half ended March 31 was 7.32 rand per share, compared with the S&P Capital IQ consensus estimate of 8.84 rand per share.

In the prior-year period, the per-share result was a profit of 7.25 rand.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.20 billion rand, an increase from 1.18 billion rand in the prior-year period.

Total revenue rose 6.6% year over year to 15.91 billion rand from 14.93 billion rand, and total operating expenses rose 8.0% from the prior-year period to 14.28 billion rand from 13.21 billion rand.

Reported net income rose on an annual basis to 1.34 billion rand, or 8.17 rand per share, from 602.0 million rand, or 3.68 rand per share.

As of May 20, US$1 was equivalent to 11.87 rand.