Seeka Ltd. said its normalized net income for the second half came to NZ$104,380, a decline of 91.9% from NZ$1.3 million in the year-earlier period.

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

Total revenue increased year over year to NZ$37.4 million from NZ$36.4 million, and total operating expenses climbed 7.3% year over year to NZ$36.3 million from NZ$33.8 million.

Reported net income fell 70.5% from the prior-year period to NZ$509,930, or 3 cents per share, from NZ$1.7 million, or 12 cents per share.

For the year, the company's normalized net income totaled 21 cents per share, a gain of 57.3% from 14 cents per share in the prior year.

Normalized net income was NZ$3.4 million, a gain of 69.4% from NZ$2.0 million in the prior year.

Full-year total revenue rose 22.9% on an annual basis to NZ$142.1 million from NZ$115.7 million, and total operating expenses increased 21.3% year over year to NZ$135.1 million from NZ$111.3 million.

The company said reported net income grew 32.2% year over year to NZ$4.2 million, or 27 cents per share, in the full year, from NZ$3.2 million, or 22 cents per share.

As of Feb. 26, US$1 was equivalent to NZ$1.50.