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Smiths City Group swings to loss in fiscal H2

Smiths City Group Ltd said its normalized net income for the fiscal second half ended April 30 came to a loss of NZ$479,380, compared with income of NZ$1.3 million in the year-earlier period.

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

Total revenue totaled NZ$111.9 million, compared with NZ$111.5 million in the prior-year period, and total operating expenses increased from the prior-year period to NZ$111.8 million from NZ$108.6 million.

Reported net income rose 70.0% on an annual basis to NZ$3.7 million, or 7 cents per share, from NZ$2.2 million, or 4 cents per share.

For the year, the company's normalized net income totaled NZ$500,000, a decline of 81.0% from NZ$2.6 million in the prior year.

Full-year total revenue amounted to NZ$221.4 million, compared with NZ$220.0 million in the prior year, and total operating expenses increased year over year to NZ$218.8 million from NZ$214.4 million.

The company said reported net income rose 95.1% on an annual basis to NZ$8.0 million, or 15 cents per share, in the full year, from NZ$4.1 million, or 8 cents per share.

As of July 14, US$1 was equivalent to NZ$1.49.