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Tongaat Hulett swings to loss in fiscal H2

Tongaat Hulett Ltd. said its normalized net income for the fiscal second half ended March 31 amounted to a loss of 28 South African cents per share, compared with the S&P Capital IQ consensus estimate of 3.05 rand per share.

The per-share result swung to a loss from the prior-year profit of 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 32.8 million rand, compared with income of 90.9 million rand in the year-earlier period.

Total revenue climbed 12.2% year over year to 9.07 billion rand from 8.08 billion rand, and total operating expenses rose 16.4% on an annual basis to 8.90 billion rand from 7.65 billion rand.

Reported net income declined 37.0% from the prior-year period to 119.0 million rand, or 1.03 rand per share, from 189.0 million rand, or 1.65 rand per share.

For the year, the company's normalized net income totaled 5.03 rand per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 6.78 rand.

EPS declined 25.5% from 6.75 rand in the prior year.

Normalized net income was 580.6 million rand, a decline of 24.8% from 772.0 million rand in the prior year.

Full-year total revenue grew on an annual basis to 16.68 billion rand from 16.16 billion rand, and total operating expenses grew 6.6% year over year to 15.15 billion rand from 14.21 billion rand.

The company said reported net income decreased 17.1% on an annual basis to 820.0 million rand, or 7.10 rand per share, in the full year, from 989.0 million rand, or 8.65 rand per share.

As of July 5, US$1 was equivalent to 14.80 rand.