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Green Cross Health fiscal H2 profit falls YOY

Green Cross Health Ltd. said its normalized net income for the fiscal second half ended March 31 came to 4 New Zealand cents per share, a decrease of 19.3% from 5 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$5.7 million, a decline of 16.1% from NZ$6.8 million in the year-earlier period.

Total revenue grew 43.3% year over year to NZ$187.7 million from NZ$131.0 million, and total operating expenses increased 49.1% from the prior-year period to NZ$174.8 million from NZ$117.2 million.

Reported net income fell 5.9% on an annual basis to NZ$7.5 million, or 6 cents per share, from NZ$8.0 million, or 6 cents per share.

For the year, the company's normalized net income totaled 9 cents per share, a decline of 13.5% from 10 cents per share in the prior year.

Normalized net income was NZ$11.4 million, a decrease of 10.0% from NZ$12.7 million in the prior year.

Full-year total revenue increased 25.0% from the prior-year period to NZ$322.5 million from NZ$257.9 million, and total operating expenses grew 28.4% on an annual basis to NZ$297.8 million from NZ$232.0 million.

The company said reported net income declined on an annual basis to NZ$14.4 million, or 11 cents per share, in the full year, from NZ$15.0 million, or 12 cents per share.

As of May 26, US$1 was equivalent to NZ$1.38.