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Tanzania Cigarette H2 profit falls YOY

Tanzania Cigarette Public Ltd Company said its normalized net income for the second half amounted to 290.36 Tanzanian shillings per share, a decline from 297.30 shillings per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.07 billion shillings, a decline from 29.75 billion shillings in the prior-year period.

Total revenue declined on an annual basis to 148.90 billion shillings from 154.19 billion shillings, and total operating expenses came to 106.81 billion shillings, compared with 107.20 billion shillings in the prior-year period.

Reported net income came to 32.21 billion shillings, or 321.74 shillings per share, compared to 31.93 billion shillings, or 319.12 shillings per share, in the year-earlier period.

For the year, the company's normalized net income totaled 615.38 shillings per share, a fall from 636.89 shillings per share in the prior year.

Normalized net income was 61.54 billion shillings, a fall from 63.69 billion shillings in the prior year.

Full-year total revenue amounted to 300.96 billion shillings, compared with 300.55 billion shillings in the prior year, and total operating expenses rose 5.1% on an annual basis to 206.93 billion shillings from 196.92 billion shillings.

The company said reported net income increased year over year to 68.67 billion shillings, or 686.69 shillings per share, in the full year, from 65.71 billion shillings, or 657.11 shillings per share.

As of Feb. 21, US$1 was equivalent to 2,235 Tanzanian shillings.