Cavalier Corp. Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, amounted to NZ$75,630, a decrease of 97.3% from NZ$2.8 million in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
Total revenue increased year over year to NZ$103.7 million from NZ$101.9 million, and total operating expenses climbed 5.2% on an annual basis to NZ$101.5 million from NZ$96.5 million.
Reported net income fell 99.1% on an annual basis to NZ$32,000, or 0 cents per share, from NZ$3.4 million, or 5 cents per share.
As of Feb. 20, US$1 was equivalent to NZ$1.33.
