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Gamma-Civic Q2 loss narrows YOY

Gamma-Civic Ltd. said its second-quarter normalized net income amounted to a loss of 2 Mauritian cents per share, compared with a loss of 5 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.0 million rupees, compared with a loss of 7.1 million rupees in the year-earlier period.

The normalized profit margin declined to negative 0.5% from negative 0.5% in the year-earlier period.

Total revenue decreased 60.3% on an annual basis to 549.0 million rupees from 1.38 billion rupees, and total operating expenses decreased 57.1% from the prior-year period to 592.5 million rupees from 1.38 billion rupees.

Reported net income came to a loss of 65.3 million rupees, or a loss of 49 cents per share, compared to a loss of 10.0 million rupees, or a loss of 7 cents per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 35.43 Mauritian rupees.