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Zambeef Products swings to profit in fiscal year

Zambeef Products PLC said its normalized net income for the fiscal full year ended Sept. 30 came to 22 ngwee per share, compared with a loss of 10 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 56.3 million kwachas, compared with a loss of 24.0 million kwachas in the year-earlier period.

The normalized profit margin climbed to 2.4% from negative 1.5% in the year-earlier period.

Total revenue climbed 52.8% year over year to 2.38 billion kwachas from 1.55 billion kwachas, and total operating expenses climbed 59.3% from the prior-year period to 2.20 billion kwachas from 1.38 billion kwachas.

Reported net income totaled 103.5 million kwachas, or 41 ngwee per share, compared to a loss of 49.2 million kwachas, or a loss of 20 ngwee per share, in the year-earlier period.

As of Nov. 25, US$1 was equivalent to 9.86 Zambian kwachas.