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Blue Power Group fiscal Q2 profit falls YOY

Blue Power Group Ltd. said its normalized net income for the fiscal second quarter ended Oct. 31 amounted to 25 Jamaican cents per share, a decrease of 11.1% from 28 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 J$14.3 million, a decrease of 9.5% from J$15.8 million in the year-earlier period.

The normalized profit margin declined to 5.5% from 5.7% in the year-earlier period.

Total revenue decreased 6.0% on an annual basis to J$258.6 million from J$275.2 million, and total operating expenses decreased 6.4% on an annual basis to J$236.2 million from J$252.2 million.

Reported net income declined 9.5% from the prior-year period to J$22.8 million, or 40 cents per share, from J$25.2 million, or 45 cents per share.

As of Nov. 27, US$1 was equivalent to J$113.15.