Warehouse Group Ltd. said its normalized net income for the fiscal first half ended Jan. 31 amounted to 10 New Zealand cents per share, a gain of 14.4% from 9 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$36.4 million, a gain of 13.6% from NZ$32.0 million in the year-earlier period.

Total revenue rose 8.4% on an annual basis to NZ$1.57 billion from NZ$1.45 billion, and total operating expenses increased 7.6% on an annual basis to NZ$1.50 billion from NZ$1.39 billion.

Reported net income increased 32.2% year over year to NZ$57.2 million, or 17 cents per share, from NZ$43.3 million, or 12 cents per share.

As of March 11, US$1 was equivalent to NZ$1.48.