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Gamma-Civic swings to profit in Q2

Gamma-Civic Ltd said its normalized net income for the second quarter came to 29 Mauritian cents per share, compared with a loss of 2 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 38.6 million rupees, compared with a loss of 3.0 million rupees in the year-earlier period.

The normalized profit margin rose to 3.9% from negative 0.5% in the year-earlier period.

Total revenue rose 79.4% year over year to 984.7 million rupees from 549.0 million rupees, and total operating expenses increased 48.9% on an annual basis to 882.2 million rupees from 592.5 million rupees.

Reported net income came to 40.1 million rupees, or 30 cents per share, compared to a loss of 65.3 million rupees, or a loss of 49 cents per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 35.23 Mauritian rupees.