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Guinness Ghana Breweries fiscal Q2 profit falls YOY

Guinness Ghana Breweries Ltd said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 5.2 million cedis, a decline of 49.1% from 10.2 million cedis in the prior-year period.

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

The normalized profit margin declined to 4.1% from 9.9% in the year-earlier period.

Total revenue rose 23.0% year over year to 127.1 million cedis from 103.3 million cedis, and total operating expenses climbed 26.2% on an annual basis to 105.8 million cedis from 83.9 million cedis.

Reported net income totaled 5.7 million cedis, compared with 14.7 million cedis in the year-earlier period.

As of Feb. 13, US$1 was equivalent to 3.41 cedis.