Kip McGrath Education Centres Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2015, amounted to A$165,000, a decrease of 59.9% from A$411,250 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue climbed on an annual basis to A$7.6 million from A$7.5 million, and total operating expenses grew 6.7% year over year to A$7.3 million from A$6.8 million.

Reported net income decreased 52.6% on an annual basis to A$224,330, or 0 cents per share, from A$472,860, or 1 cents per share.