Australian Agricultural Company Ltd said its normalized net income for the fiscal second half ended March 31 came to a loss of 11 Australian cents per share, compared with a loss of 12 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 loss of A$67.2 million, compared with a loss of A$50.1 million in the prior-year period.

Total revenue climbed 30.4% year over year to A$195.8 million from A$150.2 million, and total operating expenses climbed 32.0% on an annual basis to A$292.1 million from A$221.3 million.

Reported net income totaled A$23.2 million, or 4 cents per share, compared to a loss of A$8.2 million, or a loss of 2 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 24 cents per share, compared with a loss of 25 cents per share in the prior year.

Normalized net income was a loss of A$126.0 million, compared with a loss of A$106.6 million in the prior year.

Full-year total revenue grew 9.5% year over year to A$346.8 million from A$316.8 million, and total operating expenses rose 12.8% on an annual basis to A$531.3 million from A$471.1 million.

The company said reported net income came to A$9.6 million, or 2 cents per share, in the full year, compared with a loss of A$39.8 million, or a loss of 9 cents per share, the prior year.