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Sasini swings to loss in fiscal H1

Sasini Ltd. said its normalized net income for the fiscal first half ended March 31 came to a loss of 54 Kenyan cents per share, compared with 5 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 a loss of 122.0 million shillings, compared with income of 12.0 million shillings in the year-earlier period.

Total revenue decreased 7.9% on an annual basis to 1.27 billion shillings from 1.38 billion shillings, and total operating expenses grew 8.6% on an annual basis to 1.47 billion shillings from 1.35 billion shillings.

Reported net income totaled a loss of 95.0 million shillings, or a loss of 42 cents per share, compared to income of 22.8 million shillings, or 10 cents per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 96.16 Kenyan shillings.