Quantum Foods Holdings Ltd. said its normalized net income for the fiscal first half ended March 31 was 22 South African cents per share, a gain from 7 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 52.1 million rand, an increase from 15.9 million rand in the year-earlier period.

Total revenue decreased on an annual basis to 1.67 billion rand from 1.74 billion rand, and total operating expenses declined 6.8% on an annual basis to 1.60 billion rand from 1.71 billion rand.

Reported net income came to 62.2 million rand, or 27 cents per share, compared to a loss of 13.3 million rand, or a loss of 6 cents per share, in the year-earlier period.

As of May 25, US$1 was equivalent to 11.96 rand.