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Gale Pacific swings to profit in fiscal H1

Gale Pacific Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2015, came to A$2.2 million, compared with a loss of A$1.1 million in the prior-year period.

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

Total revenue grew 22.2% year over year to A$82.4 million from A$67.4 million, and total operating expenses grew 18.8% on an annual basis to A$81.5 million from A$68.6 million.

Reported net income totaled A$3.2 million, or 1 cents per share, compared to a loss of A$659,600, or a loss of 0 cents per share, in the prior-year period.