Tongaat Hulett Ltd. said its normalized net income for the fiscal second half ended March 31 came to 79 South African cents per share, a decline of 80.7% from 4.12 rand per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 90.9 million rand, a decrease of 80.4% from 464.6 million rand in the prior-year period.
Total revenue grew year over year to 8.08 billion rand from 7.86 billion rand, and total operating expenses increased 12.8% year over year to 7.65 billion rand from 6.78 billion rand.
Reported net income fell 57.7% from the prior-year period to 189.0 million rand, or 1.65 rand per share, from 447.0 million rand, or 3.96 rand per share.
For the year, the company's normalized net income totaled 6.75 rand per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 11.09 rand.
EPS declined 29.8% from 9.61 rand in the prior year.
Normalized net income was 772.0 million rand, a decrease of 28.9% from 1.09 billion rand in the prior year.
Full-year total revenue increased year over year to 16.16 billion rand from 15.72 billion rand, and total operating expenses rose 7.2% year over year to 14.21 billion rand from 13.26 billion rand.
The company said reported net income fell 14.4% year over year to 989.0 million rand, or 8.65 rand per share, in the full year, from 1.15 billion rand, or 10.22 rand per share.
As of June 30, US$1 was equivalent to 12.14 rand.