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Cullinan Holdings fiscal H1 profit falls YOY

Cullinan Holdings Ltd said its normalized net income for the fiscal first half ended March 31 came to 4 South African cents per share, a decline of 7.3% from 5 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 35.5 million rand, a decline of 6.6% from 38.0 million rand in the year-earlier period.

Total revenue grew year over year to 448.3 million rand from 435.9 million rand, and total operating expenses rose year over year to 397.2 million rand from 381.3 million rand.

Reported net income declined 8.1% from the prior-year period to 40.2 million rand, or 5 cents per share, from 43.7 million rand, or 5 cents per share.

As of June 17, US$1 was equivalent to 12.42 rand.