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Select Harvests fiscal H2 profit climbs YOY

Select Harvests Ltd. said its normalized net income for the fiscal second half ended June 30 amounted to 60 Australian cents per share, an increase from 9 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 A$46.2 million, an increase from A$5.6 million in the year-earlier period.

Total revenue increased 40.5% year over year to A$123.0 million from A$87.5 million, and total operating expenses declined 39.2% on an annual basis to A$46.3 million from A$76.2 million.

Reported net income increased on an annual basis to A$37.9 million, or 50 cents per share, from A$3.3 million, or 5 cents per share.

For the year, the company's normalized net income totaled 75 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 84 cents.

EPS rose from 28 cents in the prior year.

Normalized net income was A$52.7 million, an increase from A$16.7 million in the prior year.

Full-year total revenue grew 18.8% year over year to A$223.6 million from A$188.2 million, and total operating expenses fell 14.7% year over year to A$134.0 million from A$157.0 million.

The company said reported net income grew year over year to A$56.8 million, or 81 cents per share, in the full year, from A$21.7 million, or 36 cents per share.