Ellah Lakes PLC said its normalized net income for the fiscal second quarter ended Jan. 31 amounted to a loss of 4 kobo per share, compared with a loss of 3 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.3 million nairas, compared with a loss of 1.8 million nairas in the prior-year period.

The normalized profit margin climbed to negative 17.0% from negative 20.1% in the year-earlier period.

Total revenue climbed 54.1% on an annual basis to 13.7 million nairas from 8.9 million nairas, and total operating expenses increased 48.4% from the prior-year period to 17.4 million nairas from 11.7 million nairas.

Reported net income totaled a loss of 3.7 million nairas, or a loss of 6 kobo per share, compared to a loss of 2.9 million nairas, or a loss of 5 kobo per share, in the prior-year period.

As of March 9, US$1 was equivalent to 199.05 nairas.