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SPAR Group profit misses consensus by 22.9% in fiscal H2

SPAR Group Ltd. said its normalized net income for the fiscal second half ended Sept. 30, 2015, amounted to 3.78 rand per share, compared with the S&P Capital IQ consensus estimate of 4.90 rand per share.

EPS increased 17.1% year over year from 3.23 rand.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 710.4 million rand, a gain of 18.5% from 599.3 million rand in the prior-year period.

Total revenue rose 28.9% year over year to 37.23 billion rand from 28.88 billion rand, and total operating expenses increased 29.3% from the prior-year period to 36.09 billion rand from 27.90 billion rand.

Reported net income declined 9.2% from the prior-year period to 637.3 million rand, or 3.39 rand per share, from 702.0 million rand, or 3.78 rand per share.

For the year, the company's normalized net income totaled 7.31 rand per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8.81 rand.

EPS rose 17.0% from 6.24 rand in the prior year.

Normalized net income was 1.37 billion rand, a rise of 18.9% from 1.16 billion rand in the prior year.

Full-year total revenue grew 34.5% on an annual basis to 73.26 billion rand from 54.48 billion rand, and total operating expenses rose 34.9% year over year to 70.96 billion rand from 52.62 billion rand.

The company said reported net income grew 5.6% year over year to 1.42 billion rand, or 7.56 rand per share, in the full year, from 1.34 billion rand, or 7.27 rand per share.

As of Jan. 15, US$1 was equivalent to 16.78 rand.