British American Tobacco (Zambia) PLC said its first-half normalized net income was 6 ngwee per share, a decrease of 41.0% from 10 ngwee per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.7 million kwachas, a decline of 20.5% from 16.0 million kwachas in the year-earlier period.

Total revenue declined year over year to 86.6 million kwachas from 90.7 million kwachas, and total operating expenses grew 12.0% from the prior-year period to 67.1 million kwachas from 59.9 million kwachas.

Reported net income fell 32.6% year over year to 11.3 million kwachas, or 5 ngwee per share, from 16.8 million kwachas, or 10 ngwee per share.

As of July 29, US$1 was equivalent to 10.30 Zambian kwachas.