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SurfStitch profit misses consensus by 57.7% in fiscal H1

SurfStitch Group Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2015, amounted to A$2.1 million, compared with a loss of A$6.4 million in the year-earlier period.

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

Total revenue increased on an annual basis to A$144.9 million from A$17.1 million, and total operating expenses increased on an annual basis to A$141.7 million from A$18.8 million.

Reported net income came to A$959,000, or 0 cents per share, compared to a loss of A$7.4 million, or a loss of 3 cents per share, in the prior-year period.