Benso Oil Palm Plantation Ltd said its first-quarter normalized net income was 2 pesewas per share, a decline of 15.4% from 2 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 734,380 cedis, a decline of 15.4% from 868,130 cedis in the year-earlier period.
The normalized profit margin fell to 5.8% from 7.7% in the year-earlier period.
Total revenue rose 12.2% on an annual basis to 12.6 million cedis from 11.2 million cedis, and total operating expenses rose 16.8% year over year to 11.6 million cedis from 10.0 million cedis.
Reported net income declined 17.9% year over year to 1.1 million cedis, or 3 pesewas per share, from 1.3 million cedis, or 4 pesewas per share.
As of April 23, US$1 was equivalent to 3.85 cedis.
