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Honeywell Flour Mills fiscal Q4 profit falls YOY

Honeywell Flour Mills Plc said its normalized net income for the fiscal fourth quarter ended March 31 came to 2 kobo per share, a decrease of 86.3% from 12 kobo per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 130.6 million nairas, a decrease of 86.3% from 954.7 million nairas in the year-earlier period.

The normalized profit margin fell to 1.1% from 6.8% in the year-earlier period.

Total revenue fell 18.7% on an annual basis to 11.42 billion nairas from 14.05 billion nairas, and total operating expenses fell year over year to 11.73 billion nairas from 12.27 billion nairas.

Reported net income fell 88.5% on an annual basis to 152.3 million nairas, or 2 kobo per share, from 1.32 billion nairas, or 17 kobo per share.

For the year, the company's normalized net income totaled 11 kobo per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 40 kobo.

EPS declined 66.1% from 33 kobo in the prior year.

Normalized net income was 896.2 million nairas, a decline of 66.1% from 2.64 billion nairas in the prior year.

Full-year total revenue fell 10.9% from the prior-year period to 49.06 billion nairas from 55.08 billion nairas, and total operating expenses declined 5.6% on an annual basis to 46.87 billion nairas from 49.66 billion nairas.

The company said reported net income declined 66.6% year over year to 1.12 billion nairas, or 14 kobo per share, in the full year, from 3.35 billion nairas, or 42 kobo per share.

As of July 27, US$1 was equivalent to 198.95 nairas.