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Curro Holdings H2 profit climbs 15.5% YOY

Curro Holdings Ltd. said its second-half normalized net income amounted to 10 South African cents per share, a gain of 8.9% from 9 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 34.6 million rand, an increase of 15.5% from 30.0 million rand in the prior-year period.

Total revenue increased 32.1% year over year to 678.7 million rand from 513.7 million rand, and total operating expenses climbed 32.1% year over year to 593.9 million rand from 449.7 million rand.

Reported net income increased 73.9% from the prior-year period to 48.0 million rand, or 13 cents per share, from 27.6 million rand, or 8 cents per share.

For the year, the company's normalized net income totaled 22 cents per share, an increase of 36.8% from 16 cents per share in the prior year.

Normalized net income was 79.5 million rand, an increase of 47.9% from 53.8 million rand in the prior year.

Full-year total revenue increased 38.3% year over year to 1.38 billion rand from 1.00 billion rand, and total operating expenses grew 35.6% year over year to 1.18 billion rand from 867.7 million rand.

The company said reported net income grew 79.0% year over year to 98.4 million rand, or 28 cents per share, in the full year, from 55.0 million rand, or 17 cents per share.

As of March 30, US$1 was equivalent to 14.84 rand.