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African & Overseas Enterprises swings to profit in fiscal H1

African and Overseas Enterprises Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2014, amounted to 40 South African cents per share, compared with a loss of 12 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.6 million rand, compared with a loss of 1.4 million rand in the year-earlier period.

Total revenue rose year over year to 268.7 million rand from 261.1 million rand, and total operating expenses fell 5.0% year over year to 253.6 million rand from 266.9 million rand.

Reported net income came to 6.0 million rand, or 52 cents per share, compared to a loss of 2.2 million rand, or a loss of 19 cents per share, in the year-earlier period.

As of March 12, US$1 was equivalent to 12.26 rand.