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Livestock Improvement fiscal H1 profit climbs 9.2% YOY

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Livestock Improvement fiscal H1 profit climbs 9.2% YOY

Livestock Improvement Corp. Ltd. said its normalized net income for the fiscal first half ended Nov. 30, 2014, was 88 New Zealand cents per share, an increase of 9.1% from 81 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$26.1 million, a gain of 9.2% from NZ$23.9 million in the year-earlier period.

Total revenue increased 16.9% year over year to NZ$157.3 million from NZ$134.6 million, and total operating expenses grew 18.9% year over year to NZ$114.9 million from NZ$96.6 million.

Reported net income grew 10.0% from the prior-year period to NZ$29.7 million, or NZ$1.00 per share, from NZ$26.9 million, or 91 cents per share.

As of Feb. 12, US$1 was equivalent to NZ$1.35.