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Margarine Industries Q2 profit falls YOY

Margarine Industries Ltd. said its second-quarter normalized net income amounted to 5.68 Mauritian rupees per share, a decrease of 46.1% from 10.55 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.7 million rupees, a decline of 46.1% from 3.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 1.9% from 3.5% in the year-earlier period.

Total revenue came to 90.1 million rupees, compared with 90.2 million rupees in the year-earlier period, and total operating expenses climbed year over year to 85.4 million rupees from 82.7 million rupees.

Reported net income decreased 50.1% year over year to 1.8 million rupees, or 6.08 rupees per share, from 3.7 million rupees, or 12.18 rupees per share.

As of Aug. 12, US$1 was equivalent to 35.23 Mauritian rupees.