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Zambeef Products swings to profit in fiscal H1

Zambeef Products PLC said its normalized net income for the fiscal first half ended March 31 amounted to 46.8 million kwachas, compared with a loss of 337,630 kwachas in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue climbed 70.0% on an annual basis to 1.12 billion kwachas from 659.8 million kwachas, and total operating expenses rose 69.6% year over year to 983.7 million kwachas from 580.1 million kwachas.

Reported net income came to 90.3 million kwachas, or 36 ngwee per share, compared to a loss of 24.4 million kwachas, or a loss of 10 ngwee per share, in the year-earlier period.

As of June 8, US$1 was equivalent to 10.70 Zambian kwachas.