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Pamodzi Hotels fiscal H1 profit falls YOY

Pamodzi Hotels PLC said its normalized net income for the fiscal first half ended Sept. 30, 2014, came to 1 ngwee per share, a decline of 14.1% from 2 ngwee per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.3 million kwachas, a decrease of 17.2% from 1.6 million kwachas in the year-earlier period.

Total revenue rose 5.6% year over year to 28.4 million kwachas from 26.9 million kwachas, and total operating expenses rose 8.2% year over year to 26.1 million kwachas from 24.1 million kwachas.

Reported net income declined 15.7% year over year to 1.2 million kwachas, or 1 ngwee per share, from 1.5 million kwachas, or 2 ngwee per share.

As of Jan. 19, US$1 was equivalent to 6.58 Zambian kwachas.