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SeaDragon swings to loss in fiscal H1

SeaDragon Ltd. said its normalized net income for the fiscal first half ended Sept. 30 amounted to a loss of NZ$358,750, compared with income of NZ$136,880 in the prior-year period.

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

Total revenue increased 23.2% on an annual basis to NZ$2.6 million from NZ$2.1 million, and total operating expenses increased 74.8% year over year to NZ$3.2 million from NZ$1.8 million.

Reported net income totaled a loss of NZ$565,470, or a loss of 0 cents per share, compared to income of NZ$271,980, or 0 cents per share, in the prior-year period.

As of Dec. 18, US$1 was equivalent to NZ$1.29.