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Furnmart fiscal H1 profit falls YOY

Furnmart Ltd. said its normalized net income for the fiscal first half ended Jan. 31 amounted to 6 thebe per share, a decrease of 27.6% from 8 thebe per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.2 million pula, a decline of 27.6% from 50.0 million pula in the prior-year period.

Total revenue increased 9.1% year over year to 655.2 million pula from 600.5 million pula, and total operating expenses increased 15.6% on an annual basis to 589.7 million pula from 510.0 million pula.

Reported net income declined 31.0% on an annual basis to 40.3 million pula, or 7 thebe per share, from 58.4 million pula, or 10 thebe per share.

As of April 30, US$1 was equivalent to 9.74 pula.