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Oceana Group fiscal H1 profit falls YOY

Oceana Group Ltd. said its normalized net income for the fiscal first half ended March 31 amounted to 1.86 rand per share, a decline of 8.6% from 2.03 rand per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 207.3 million rand, a decline of 8.2% from 225.8 million rand in the prior-year period.

Total revenue grew 8.7% year over year to 2.57 billion rand from 2.36 billion rand, and total operating expenses increased 10.7% year over year to 2.23 billion rand from 2.02 billion rand.

Reported net income declined 11.0% on an annual basis to 225.8 million rand, or 2.02 rand per share, from 253.8 million rand, or 2.29 rand per share.

As of May 14, US$1 was equivalent to 11.81 rand.