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Fan Milk Q1 profit climbs YOY

Fan Milk Ltd. said its normalized net income for the first quarter amounted to 9 pesewas per share, an increase from 3 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 9.9 million cedis, an increase from 3.7 million cedis in the prior-year period.

The normalized profit margin increased to 13.9% from 10.0% in the year-earlier period.

Total revenue climbed 94.2% year over year to 71.5 million cedis from 36.8 million cedis, and total operating expenses grew 82.0% from the prior-year period to 56.7 million cedis from 31.2 million cedis.

Reported net income grew on an annual basis to 11.8 million cedis, or 10 pesewas per share, from 4.5 million cedis, or 4 pesewas per share.

As of April 28, US$1 was equivalent to 3.85 cedis.