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OK Zimbabwe fiscal H2 profit falls YOY

OK Zimbabwe Ltd said its normalized net income for the fiscal second half ended March 31 was $3.0 million, a decrease of 30.1% from $4.3 million in the year-earlier period.

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

Total revenue fell year over year to $230.6 million from $240.0 million, and total operating expenses declined year over year to $225.8 million from $232.9 million.

Reported net income declined 32.9% on an annual basis to $3.3 million, or 0 cents per share, from $4.8 million, or 0 cents per share.

For the year, the company's normalized net income totaled $6.6 million, a decline of 20.9% from $8.4 million in the prior year.

Full-year total revenue declined on an annual basis to $462.7 million from $483.7 million, and total operating expenses decreased year over year to $451.8 million from $470.0 million.

The company said reported net income declined 22.0% on an annual basis to $7.6 million, or 1 cents per share, in the full year, from $9.7 million, or 1 cents per share.