Metair Investments Ltd said its first-half normalized net income amounted to 50 South African cents per share, a decline of 47.0% from 95 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 99.7 million rand, a decline of 46.9% from 187.8 million rand in the year-earlier period.

Total revenue increased 13.8% year over year to 4.03 billion rand from 3.54 billion rand, and total operating expenses rose 17.9% year over year to 3.77 billion rand from 3.20 billion rand.

Reported net income declined 51.3% from the prior-year period to 107.3 million rand, or 54 cents per share, from 220.1 million rand, or 1.11 rand per share.

As of Aug. 18, US$1 was equivalent to 13.33 rand.