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Eaagads fiscal H1 loss narrows YOY

Eaagads Ltd. said its normalized net income for the fiscal first half ended Sept. 30 amounted to a loss of 7 Kenyan cents per share, compared with a loss of 1.36 shillings per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.4 million shillings, compared with a loss of 43.8 million shillings in the prior-year period.

Total revenue grew 65.2% on an annual basis to 42.0 million shillings from 25.4 million shillings, and total operating expenses decreased 52.0% on an annual basis to 45.8 million shillings from 95.5 million shillings.

Reported net income came to 12.0 million shillings, or 37 cents per share, compared to a loss of 58.2 million shillings, or a loss of 1.81 shillings per share, in the year-earlier period.

As of Nov. 25, US$1 was equivalent to 90.35 Kenyan shillings.