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Bega Cheese fiscal H1 profit falls YOY

Bega Cheese Ltd. said its normalized net income for the fiscal first half ended Dec. 28, 2014, was 3 Australian cents per share, a decline of 69.2% from 11 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 A$4.9 million, a decline of 69.6% from A$16.2 million in the prior-year period.

Total revenue grew 8.2% year over year to A$552.5 million from A$510.6 million, and total operating expenses climbed 13.0% year over year to A$544.4 million from A$481.7 million.

Reported net income decreased 67.7% from the prior-year period to A$6.1 million, or 4 cents per share, from A$18.7 million, or 12 cents per share.