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Zambian Breweries fiscal H1 profit falls YOY

Zambian Breweries PLC said its normalized net income for the fiscal first half ended Sept. 30 came to 10 ngwee per share, a decrease of 33.8% from 15 ngwee per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 44.0 million kwachas, a decline of 33.8% from 66.4 million kwachas in the prior-year period.

Total revenue climbed year over year to 646.5 million kwachas from 631.7 million kwachas, and total operating expenses grew 10.9% year over year to 546.4 million kwachas from 492.8 million kwachas.

Reported net income declined 27.6% from the prior-year period to 48.5 million kwachas, or 11 ngwee per share, from 67.0 million kwachas, or 15 ngwee per share.

As of Nov. 19, US$1 was equivalent to 6.34 Zambian kwachas.