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Auto Hall H2 profit falls YOY

Auto Hall SA said its normalized net income for the second half was 74.8 million dirhams, a decrease of 22.6% from 96.6 million dirhams in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue rose 5.2% on an annual basis to 2.53 billion dirhams from 2.41 billion dirhams, and total operating expenses increased 6.4% on an annual basis to 2.39 billion dirhams from 2.25 billion dirhams.

Reported net income came to 72.8 million dirhams, compared with 102.8 million dirhams in the year-earlier period.

For the year, the company's normalized net income totaled 189.3 million dirhams, a decrease of 8.7% from 207.5 million dirhams in the prior year.

Full-year total revenue rose 15.1% year over year to 5.06 billion dirhams from 4.40 billion dirhams, and total operating expenses grew 16.2% on an annual basis to 4.71 billion dirhams from 4.05 billion dirhams.

The company said reported net income came to 191.6 million dirhams in the full year, compared with 221.3 million dirhams in the prior year.

As of March 31, US$1 was equivalent to 10.04 Moroccan dirhams.