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Verimark Holdings fiscal H1 loss widens YOY

Verimark Holdings Ltd. said its normalized net income for the fiscal first half ended Aug. 31 amounted to a loss of 3.0 million rand, compared with a loss of 717,500 rand in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue decreased 5.9% on an annual basis to 183.8 million rand from 195.3 million rand, and total operating expenses fell year over year to 188.5 million rand from 192.1 million rand.

Reported net income totaled a loss of 4.0 million rand, or a loss of 4 cents per share, compared to a loss of 1.2 million rand, or a loss of 1 cents per share, in the prior-year period.

As of Oct. 9, US$1 was equivalent to 11.06 rand.