Fonterra Co-op Group Ltd. said its normalized net income for the fiscal first half ended Jan. 31 came to NZ$13.9 million, a decrease of 91.2% from NZ$157.1 million in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
Total revenue decreased 13.7% on an annual basis to NZ$9.75 billion from NZ$11.29 billion, and total operating expenses fell 13.5% from the prior-year period to NZ$9.47 billion from NZ$10.95 billion.
Reported net income declined 19.9% from the prior-year period to NZ$165.0 million, or 10 cents per share, from NZ$206.0 million, or 13 cents per share.
As of March 25, US$1 was equivalent to NZ$1.31.
