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Guinness Ghana Breweries fiscal Q3 loss narrows YOY

Guinness Ghana Breweries Ltd said its normalized net income for the fiscal third quarter ended March 31 was 6.7 million cedis, compared with a loss of 7.2 million cedis in the prior-year period.

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

The normalized profit margin climbed to negative 6.3% from negative 8.3% in the year-earlier period.

Total revenue increased 22.5% year over year to 106.3 million cedis from 86.8 million cedis, and total operating expenses climbed 9.3% from the prior-year period to 105.1 million cedis from 96.2 million cedis.

Reported net income totaled a loss of 10.7 million cedis, compared with a loss of 11.8 million cedis in the prior-year period.

As of April 28, US$1 was equivalent to 3.85 cedis.