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Sasini swings to profit in fiscal H1

Sasini Ltd said its normalized net income for the fiscal first half ended March 31 came to 3.24 Kenyan shillings per share, compared with a loss of 54 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 738.8 million shillings, compared with a loss of 122.0 million shillings in the prior-year period.

Total revenue grew 25.1% on an annual basis to 1.59 billion shillings from 1.27 billion shillings, and total operating expenses decreased 68.9% on an annual basis to 455.4 million shillings from 1.47 billion shillings.

Reported net income totaled 514.0 million shillings, or 2.25 shillings per share, compared to a loss of 95.0 million shillings, or a loss of 42 cents per share, in the year-earlier period.

As of May 24, US$1 was equivalent to 100.79 Kenyan shillings.