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Alteo fiscal Q2 profit falls YOY

Alteo Group Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 17 Mauritian cents per share, a decline of 33.2% from 26 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 55.1 million rupees, a decline of 32.3% from 81.3 million rupees in the prior-year period.

The normalized profit margin declined to 2.8% from 4.5% in the year-earlier period.

Total revenue rose 9.5% on an annual basis to 2.00 billion rupees from 1.82 billion rupees, and total operating expenses climbed 20.0% year over year to 1.70 billion rupees from 1.42 billion rupees.

Reported net income decreased 86.1% from the prior-year period to 58.1 million rupees, or 18 cents per share, from 416.7 million rupees, or 1.31 rupees per share.

As of Feb. 11, US$1 was equivalent to 35.49 Mauritian rupees.