Allied Farmers Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2015, was NZ$137,500, a fall of 65.4% from NZ$397,250 in the year-earlier period.

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

Total revenue climbed year over year to NZ$10.2 million from NZ$10.0 million, and total operating expenses rose on an annual basis to NZ$9.1 million from NZ$8.9 million.

Reported net income declined 66.1% on an annual basis to NZ$240,000, or 0 cents per share, from NZ$708,000, or 1 cents per share.

As of Feb. 29, US$1 was equivalent to NZ$1.52.