Agriterra Ltd said its normalized net income for the fiscal full year ended May 31 was a loss of 34 cents per share, compared with a loss of 54 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 loss of $3.6 million, compared with a loss of $5.8 million in the prior-year period.

The normalized profit margin increased to negative 19.4% from negative 53.1% in the year-earlier period.

Total revenue grew 70.1% year over year to $18.5 million from $10.9 million, and total operating expenses rose 21.2% year over year to $23.6 million from $19.5 million.

Reported net income came to a loss of $7.7 million, or a loss of 72 cents per share, compared to a loss of $8.2 million, or a loss of 77 cents per share, in the year-earlier period.