Nu-World Holdings Ltd said its normalized net income for the fiscal first half ended Feb. 29 was 34 South African cents per share, a decline of 77.4% from 1.52 rand per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.8 million rand, a decrease of 77.3% from 34.2 million rand in the year-earlier period.

Total revenue rose 24.7% year over year to 1.36 billion rand from 1.09 billion rand, and total operating expenses rose 31.2% on an annual basis to 1.35 billion rand from 1.03 billion rand.

Reported net income rose 8.2% year over year to 44.3 million rand, or 1.96 rand per share, from 40.9 million rand, or 1.81 rand per share.

As of April 26, US$1 was equivalent to 14.42 rand.