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Benso Oil Palm Plantation Q4 profit climbs 39.0% YOY

Benso Oil Palm Plantation Ltd said its normalized net income for the fourth quarter was 2 pesewas per share, a gain of 38.8% from 1 pesewas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 570,630 cedis, a gain of 39.0% from 410,630 cedis in the year-earlier period.

The normalized profit margin rose to 4.6% from 4.2% in the year-earlier period.

Total revenue climbed 28.1% on an annual basis to 12.5 million cedis from 9.8 million cedis, and total operating expenses rose 32.5% on an annual basis to 11.8 million cedis from 8.9 million cedis.

Reported net income fell 31.4% year over year to 1.9 million cedis, or 5 pesewas per share, from 2.8 million cedis, or 8 pesewas per share.

For the year, the company's normalized net income totaled 13 pesewas per share, a decrease of 28.8% from 18 pesewas per share in the prior year.

Normalized net income was 4.6 million cedis, a decrease of 28.8% from 6.4 million cedis in the prior year.

Full-year total revenue rose 11.3% year over year to 58.1 million cedis from 52.2 million cedis, and total operating expenses grew 21.8% on an annual basis to 51.4 million cedis from 42.2 million cedis.

The company said reported net income fell 33.7% on an annual basis to 8.2 million cedis, or 23 pesewas per share, in the full year, from 12.3 million cedis, or 35 pesewas per share.

As of Jan. 27, US$1 was equivalent to 4.03 cedis.