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Eveready East Africa swings to loss in fiscal H1

Eveready East Africa Ltd. said its normalized net income for the fiscal first half ended March 31 came to a loss of 5 Kenyan cents per share, compared with 14 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 a loss of 11.1 million shillings, compared with income of 28.0 million shillings in the prior-year period.

Total revenue fell 18.1% year over year to 602.8 million shillings from 736.2 million shillings, and total operating expenses declined 13.0% year over year to 585.2 million shillings from 672.6 million shillings.

Reported net income totaled a loss of 12.4 million shillings, or a loss of 6 cents per share, compared to income of 29.4 million shillings, or 15 cents per share, in the year-earlier period.

As of June 2, US$1 was equivalent to 96.95 Kenyan shillings.