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Advtech H1 profit climbs 72.8% YOY

ADvTECH Ltd said its normalized net income for the first half was 32 South African cents per share, a gain of 41.2% from 22 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 164.3 million rand, a gain of 72.8% from 95.1 million rand in the year-earlier period.

Total revenue increased 28.2% year over year to 1.64 billion rand from 1.28 billion rand, and total operating expenses grew 24.9% year over year to 1.34 billion rand from 1.07 billion rand.

Reported net income increased 80.1% on an annual basis to 188.6 million rand, or 36 cents per share, from 104.7 million rand, or 25 cents per share.

As of Aug. 22, US$1 was equivalent to 13.56 rand.