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SunRice fiscal H2 profit climbs 33.8% YOY

Ricegrowers Ltd. said its normalized net income for the fiscal second half ended April 30 amounted to 39 Australian cents per share, a gain of 33.8% from 29 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 A$21.7 million, an increase of 33.8% from A$16.2 million in the prior-year period.

Total revenue increased 7.6% year over year to A$639.0 million from A$594.0 million, and total operating expenses rose 6.2% year over year to A$595.5 million from A$560.7 million.

Reported net income grew 51.4% on an annual basis to A$23.9 million, or 43 cents per share, from A$15.8 million, or 28 cents per share.

For the year, the company's normalized net income totaled 73 cents per share, a gain of 28.6% from 57 cents per share in the prior year.

Normalized net income was A$40.6 million, an increase of 28.6% from A$31.6 million in the prior year.

Full-year total revenue rose 8.6% on an annual basis to A$1.25 billion from A$1.15 billion, and total operating expenses rose 7.4% year over year to A$1.16 billion from A$1.08 billion.

The company said reported net income grew 46.1% on an annual basis to A$43.4 million, or 78 cents per share, in the full year, from A$29.7 million, or 53 cents per share.