Jiajiafu Modern Agriculture Ltd. said its normalized net income for the first half came to A$448,750, an increase of 52.8% from A$293,750 in the year-earlier period.

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

Total revenue grew 18.6% on an annual basis to A$17.5 million from A$14.8 million, and total operating expenses grew 16.0% from the prior-year period to A$16.6 million from A$14.3 million.

Reported net income grew 52.8% year over year to A$718,000, or 1 cents per share, from A$470,000.