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International Breweries fiscal Q1 profit climbs 32.3% YOY

International Breweries PLC said its normalized net income for the fiscal first quarter ended June 30 was 650.9 million nairas, a rise of 32.3% from 491.9 million nairas in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 12.5% from 11.3% in the year-earlier period.

Total revenue rose 19.9% year over year to 5.21 billion nairas from 4.35 billion nairas, and total operating expenses rose 12.8% on an annual basis to 4.02 billion nairas from 3.56 billion nairas.

Reported net income increased 32.4% year over year to 708.2 million nairas, or 22 kobo per share, from 535.0 million nairas.

As of July 15, US$1 was equivalent to 161.90 nairas.