Fonterra Co-op Group Ltd. said its normalized net income for the fiscal second half ended July 31 amounted to 16 New Zealand cents per share, an increase of 45.5% from 11 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 NZ$260.4 million, a gain of 45.8% from NZ$178.6 million in the prior-year period.
Total revenue declined 8.1% on an annual basis to NZ$8.36 billion from NZ$9.10 billion, and total operating expenses declined 10.6% year over year to NZ$7.68 billion from NZ$8.59 billion.
Reported net income increased 34.9% from the prior-year period to NZ$406.0 million, or 25 cents per share, from NZ$301.0 million, or 19 cents per share.
For the year, the company's normalized net income totaled 33 cents per share, an increase from 12 cents per share in the prior year.
Normalized net income was NZ$524.1 million, an increase from NZ$192.5 million in the prior year.
Full-year total revenue decreased 8.7% from the prior-year period to NZ$17.20 billion from NZ$18.84 billion, and total operating expenses decreased 12.1% on an annual basis to NZ$15.88 billion from NZ$18.06 billion.
The company said reported net income grew 73.8% year over year to NZ$810.0 million, or 51 cents per share, in the full year, from NZ$466.0 million, or 29 cents per share.
As of Sept. 22, US$1 was equivalent to NZ$1.37.