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Smiths City Group fiscal H1 profit falls YOY

Smiths City Group Ltd said its normalized net income for the fiscal first half ended Oct. 31 was 2 New Zealand cents per share, a decline of 21.4% from 2 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$979,380, a decrease of 25.4% from NZ$1.3 million in the prior-year period.

Total revenue totaled NZ$109.5 million, compared with NZ$108.5 million in the prior-year period, and total operating expenses rose year over year to NZ$107.0 million from NZ$105.8 million.

Reported net income rose on an annual basis to NZ$4.3 million, or 9 cents per share, from NZ$1.9 million, or 4 cents per share.

As of Dec. 22, US$1 was equivalent to NZ$1.29.