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Simonds Group fiscal H2 profit climbs YOY

Simonds Group Ltd. said its normalized net income for the fiscal second half ended June 30 amounted to A$10.0 million, a gain from A$921,250 in the year-earlier period.

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

Total revenue increased 22.8% year over year to A$329.6 million from A$268.4 million, and total operating expenses climbed 17.3% on an annual basis to A$312.4 million from A$266.3 million.

Reported net income grew on an annual basis to A$12.0 million, or 8 cents per share, from A$4.6 million, or 3 cents per share.

For the year, the company's normalized net income totaled A$900,630, compared with income of A$7.0 million in the prior year.

Full-year total revenue grew 15.6% year over year to A$628.8 million from A$543.8 million, and total operating expenses increased 17.5% year over year to A$624.6 million from A$531.8 million.

The company said reported net income came to a loss of A$8.9 million, or a loss of 6 cents per share, in the full year, compared with income of A$7.5 million, or 5 cents per share, the prior year.