GrainCorp Ltd said its normalized net income for the fiscal first half ended March 31 came to 12 Australian cents per share, a decline of 5.1% from 13 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 A$28.6 million, a decline from A$29.9 million in the prior-year period.

Total revenue grew on an annual basis to A$2.07 billion from A$1.98 billion, and total operating expenses grew 10.3% year over year to A$2.08 billion from A$1.88 billion.

Reported net income fell 32.5% from the prior-year period to A$20.4 million, or 9 cents per share, from A$30.2 million, or 13 cents per share.