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Pick n Pay Stores fiscal H2 profit climbs 24.8% YOY

Pick n Pay Stores Ltd said its normalized net income for the fiscal second half ended March 1 came to 1.08 rand per share, compared with the S&P Capital IQ consensus estimate of 1.13 rand per share.

EPS climbed 26.7% year over year from 85 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 519.4 million rand, a gain of 24.8% from 416.1 million rand in the prior-year period.

Total revenue grew 5.4% on an annual basis to 34.83 billion rand from 33.05 billion rand, and total operating expenses rose 5.0% on an annual basis to 33.98 billion rand from 32.36 billion rand.

Reported net income rose 51.3% year over year to 593.3 million rand, or 1.23 rand per share, from 392.1 million rand, or 80 cents per share.

For the year, the company's normalized net income totaled 1.54 rand per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.71 rand.

EPS rose 26.8% from 1.21 rand in the prior year.

Normalized net income was 746.8 million rand, a rise of 26.7% from 589.2 million rand in the prior year.

Full-year total revenue rose 6.1% year over year to 66.94 billion rand from 63.12 billion rand, and total operating expenses increased 5.8% on an annual basis to 65.70 billion rand from 62.11 billion rand.

The company said reported net income grew 46.5% on an annual basis to 855.2 million rand, or 1.76 rand per share, in the full year, from 583.7 million rand, or 1.20 rand per share.

As of June 12, US$1 was equivalent to 12.41 rand.