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Benso Oil Palm Plantation Q2 profit climbs 51.4% YOY

Benso Oil Palm Plantation Ltd said its normalized net income for the second quarter came to 9 pesewas per share, an increase of 51.5% from 6 pesewas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.1 million cedis, an increase of 51.4% from 2.1 million cedis in the year-earlier period.

The normalized profit margin rose to 12.0% from 11.5% in the year-earlier period.

Total revenue increased 44.7% year over year to 26.1 million cedis from 18.0 million cedis, and total operating expenses increased 41.3% on an annual basis to 21.0 million cedis from 14.9 million cedis.

Reported net income grew 53.5% year over year to 5.0 million cedis, or 14 pesewas per share, from 3.3 million cedis, or 9 pesewas per share.

As of July 29, US$1 was equivalent to 3.96 cedis.