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Combined Motor fiscal-year profit climbs 10.5% YOY

Combined Motor Holdings Ltd said its normalized net income for the fiscal full year ended Feb. 28 was 1.76 rand per share, an increase of 27.0% from 1.38 rand per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 167.1 million rand, a gain of 10.5% from 151.2 million rand in the year-earlier period.

The normalized profit margin rose to 1.6% from 1.4% in the year-earlier period.

Total revenue came to 10.74 billion rand, compared with 10.70 billion rand in the prior-year period, and total operating expenses totaled 10.38 billion rand, compared with 10.39 billion rand in the prior-year period.

Reported net income fell from the prior-year period to 160.4 million rand, or 1.69 rand per share, from 166.7 million rand, or 1.52 rand per share.

As of April 16, US$1 was equivalent to 12.03 rand.