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PGG Wrightson fiscal H1 profit climbs YOY

PGG Wrightson Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, amounted to 2 New Zealand cents per share, an increase from 1 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$17.1 million, an increase from NZ$8.2 million in the prior-year period.

Total revenue increased year over year to NZ$654.7 million from NZ$634.9 million, and total operating expenses rose year over year to NZ$624.8 million from NZ$616.3 million.

Reported net income grew 64.7% on an annual basis to NZ$19.3 million, or 3 cents per share, from NZ$11.7 million, or 2 cents per share.

As of Feb. 24, US$1 was equivalent to NZ$1.34.