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Italtile fiscal H1 profit climbs 23.4% YOY

Italtile Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, came to 30 South African cents per share, an increase of 24.7% from 24 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 281.1 million rand, a gain of 23.4% from 227.9 million rand in the year-earlier period.

Total revenue increased 17.4% year over year to 1.61 billion rand from 1.37 billion rand, and total operating expenses grew 16.3% on an annual basis to 1.16 billion rand from 1.00 billion rand.

Reported net income grew 28.7% year over year to 338.0 million rand, or 36 cents per share, from 262.5 million rand, or 28 cents per share.

As of Feb. 16, US$1 was equivalent to 11.65 rand.