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Gamma-Civic swings to profit in Q1

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Gamma-Civic swings to profit in Q1

Gamma-Civic Ltd said its normalized net income for the first quarter came to 26 Mauritian cents per share, compared with a loss of 17 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 34.7 million rupees, compared with a loss of 22.7 million rupees in the year-earlier period.

The normalized profit margin climbed to 3.8% from negative 3.5% in the year-earlier period.

Total revenue rose 25.8% on an annual basis to 825.3 million rupees from 655.8 million rupees, and total operating expenses increased 5.8% from the prior-year period to 727.3 million rupees from 687.2 million rupees.

Reported net income came to 45.9 million rupees, or 34 cents per share, compared to a loss of 50.2 million rupees, or a loss of 38 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to 34.95 Mauritian rupees.