PGG Wrightson Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2015, amounted to 2 New Zealand cents per share, a decline of 19.9% from 2 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 NZ$13.7 million, a decrease of 20.0% from NZ$17.1 million in the year-earlier period.

Total revenue decreased year over year to NZ$623.1 million from NZ$654.7 million, and total operating expenses decreased on an annual basis to NZ$596.0 million from NZ$624.8 million.

Reported net income fell 17.8% on an annual basis to NZ$15.9 million, or 2 cents per share, from NZ$19.3 million, or 3 cents per share.

As of Feb. 24, US$1 was equivalent to NZ$1.51.