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Italtile fiscal H1 profit climbs 20.7% YOY

Italtile Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2015, came to 36 South African cents per share, a gain of 20.2% from 30 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 339.4 million rand, a gain of 20.7% from 281.1 million rand in the prior-year period.

Total revenue climbed 11.6% year over year to 1.80 billion rand from 1.61 billion rand, and total operating expenses rose 9.9% on an annual basis to 1.28 billion rand from 1.16 billion rand.

Reported net income grew 21.2% on an annual basis to 410.4 million rand, or 44 cents per share, from 338.7 million rand, or 36 cents per share.

As of Feb. 11, US$1 was equivalent to 15.69 rand.