SeaDragon Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to a loss of NZ$831,250, compared with a loss of NZ$1.2 million in the year-earlier period.

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

Total revenue increased on an annual basis to NZ$3.8 million from NZ$976,000, and total operating expenses grew 72.2% year over year to NZ$5.0 million from NZ$2.9 million.

Reported net income totaled a loss of NZ$2.2 million, or a loss of 0 cents per share, compared to income of NZ$180,060, or 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled NZ$1.2 million, compared with a loss of NZ$-1.1 million in the prior year.

Full-year total revenue rose year over year to NZ$6.3 million from NZ$3.1 million, and total operating expenses increased 73.2% on an annual basis to NZ$8.2 million from NZ$4.7 million.

The company said reported net income came to a loss of NZ$2.8 million, or a loss of 0 cents per share, in the full year, compared with income of NZ$452,050, or 0 cents per share, the prior year.

As of June 30, US$1 was equivalent to NZ$1.48.