National Breweries PLC said its normalized net income for the fiscal second half ended March 31 was 12 ngwee per share, a decline of 74.1% from 47 ngwee per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million kwachas, a decrease of 74.1% from 29.4 million kwachas in the prior-year period.
Total revenue declined 5.3% on an annual basis to 191.1 million kwachas from 201.8 million kwachas, and total operating expenses climbed 11.0% from the prior-year period to 176.3 million kwachas from 158.8 million kwachas.
Reported net income declined 74.2% on an annual basis to 7.8 million kwachas, or 12 ngwee per share, from 30.1 million kwachas, or 48 ngwee per share.
For the year, the company's normalized net income totaled 43 ngwee per share, a fall of 40.5% from 73 ngwee per share in the prior year.
Normalized net income was 27.2 million kwachas, a fall of 40.5% from 45.7 million kwachas in the prior year.
Full-year total revenue grew from the prior-year period to 397.8 million kwachas from 393.6 million kwachas, and total operating expenses grew 8.5% year over year to 351.1 million kwachas from 323.7 million kwachas.
The company said reported net income fell 40.4% year over year to 27.7 million kwachas, or 44 ngwee per share, in the full year, from 46.4 million kwachas, or 74 ngwee per share.
As of June 15, US$1 was equivalent to 7.43 Zambian kwachas.
