Clover Corporation Limited reported unaudited consolidated earnings results for the first half year ended January 31, 2012. For the period, the company reported revenue of AUD 17,929,000 against AUD 14,034,000 a year ago. Profit before income tax was AUD 2,795,000 against AUD 2,682,000 a year ago. Profit after tax was AUD 1,699,000 or 1.03 cents per diluted share against AUD 1,954,000 or 1.18 cents per diluted share a year ago. Net cash inflow from operating activities was AUD 2,222,000 against net cash outflow from operating activities of AUD 528,000 a year ago. Purchases of plant and equipment were AUD 420,000 against AUD 177,000 a year ago. Sales of encapsulated ingredients for infant formula and related applications continue to grow strongly, particularly in Asia and Oceania. This sales growth reflects company's focus on these developing markets, its strong customer relationships and the suitability of its products in targeted applications. Profit down by 13.1% due to a AUD 0.97 million charge associated with the holding costs of assets and carrying value of assets of joint venture Future Food Ingredients Pty Limited (FFI). Prior to the charge against FFI the increase in sales revenue has flowed through to an increase in after-tax profit of 36.6% to AUD 2.67 million for the continuing activities of the group. EBIT and EBITDA were AUD 2.64 million and AUD 2.90 million against EBIT and EBITDA of AUD 2.38 million and AUD 2.50 million of prior year period. Return on equity was 6.2% against 7.0% of previous year period. The company provided earning guidance for the second half of 2012. The outlook of the company, based on normal operating conditions, continues to be positive for second half of fiscal year 2012.