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Zambeef Products fiscal-year loss widens YOY

Zambeef Products PLC said its normalized net income for the fiscal full year ended Sept. 30 was a loss of 11 ngwee per share, compared with a loss of 4 ngwee 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 26.8 million kwachas, compared with a loss of 9.4 million kwachas in the year-earlier period.

The normalized profit margin fell to negative 1.5% from negative 0.8% in the year-earlier period.

Total revenue climbed 25.0% year over year to 1.55 billion kwachas from 1.24 billion kwachas, and total operating expenses grew 16.8% from the prior-year period to 1.39 billion kwachas from 1.19 billion kwachas.

Reported net income totaled a loss of 49.2 million kwachas, or a loss of 20 ngwee per share, compared to a loss of 13.1 million kwachas, or a loss of 5 ngwee per share, in the year-earlier period.

As of Nov. 25, US$1 was equivalent to 11.57 Zambian kwachas.