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Fan Milk Q2 profit climbs YOY

Fan Milk Ltd. said its second-quarter normalized net income came to 10 pesewas per share, an increase from 10 pesewas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.9 million cedis, a gain from 11.4 million cedis in the prior-year period.

The normalized profit margin fell to 13.8% from 15.4% in the year-earlier period.

Total revenue rose 16.5% year over year to 86.3 million cedis from 74.0 million cedis, and total operating expenses climbed 22.7% on an annual basis to 70.8 million cedis from 57.7 million cedis.

Reported net income grew from the prior-year period to 14.3 million cedis, or 12 pesewas per share, from 13.7 million cedis, or 12 pesewas per share.

As of Aug. 4, US$1 was equivalent to 3.94 cedis.