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MiX Telematics profit beats consensusin fiscal Q3

MiX Telematics Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 8 South African cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

EPS rose year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 64.5 million rand, a gain from 31.9 million rand in the prior-year period.

The normalized profit margin increased to 17.0% from 9.1% in the year-earlier period.

Total revenue increased 7.7% year over year to 378.6 million rand from 351.5 million rand, and total operating expenses rose 7.6% from the prior-year period to 345.0 million rand from 320.5 million rand.

Reported net income rose 91.7% year over year to 61.7 million rand, or 8 cents per share, from 32.2 million rand, or 4 cents per share.

As of Feb. 4, US$1 was equivalent to 15.79 rand.