PGG Wrightson Ltd. said its normalized net income for the fiscal second half ended June 30 was 2 New Zealand cents per share, a decline of 44.6% from 3 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$11.9 million, a decrease of 44.6% from NZ$21.5 million in the year-earlier period.

Total revenue declined 6.2% year over year to NZ$548.1 million from NZ$584.5 million, and total operating expenses declined 7.0% year over year to NZ$516.6 million from NZ$555.6 million.

Reported net income declined 58.1% year over year to NZ$12.4 million, or 2 cents per share, from NZ$29.6 million, or 4 cents per share.

For the year, the company's normalized net income totaled 4 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 5 cents.

EPS declined from 4 cents in the prior year.

Normalized net income was NZ$29.0 million, a decrease from NZ$29.7 million in the prior year.

Full-year total revenue fell on an annual basis to NZ$1.20 billion from NZ$1.22 billion, and total operating expenses declined year over year to NZ$1.14 billion from NZ$1.17 billion.

The company said reported net income decreased 23.3% year over year to NZ$31.7 million, or 4 cents per share, in the full year, from NZ$41.4 million, or 5 cents per share.

As of Aug. 11, US$1 was equivalent to NZ$1.53.