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Crookes Brothers fiscal H2 profit falls YOY

Crookes Brothers Ltd. said its normalized net income for the fiscal second half ended March 31 came to 40 South African cents per share, a decrease of 73.4% from 1.50 rand per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.1 million rand, a decrease of 73.3% from 19.2 million rand in the year-earlier period.

Total revenue climbed 25.3% year over year to 215.7 million rand from 172.1 million rand, and total operating expenses increased 40.7% year over year to 203.9 million rand from 144.9 million rand.

Reported net income fell 18.8% year over year to 32.3 million rand, or 2.51 rand per share, from 39.7 million rand, or 3.10 rand per share.

For the year, the company's normalized net income totaled 2.68 rand per share, a fall of 39.9% from 4.46 rand per share in the prior year.

Normalized net income was 34.3 million rand, a fall of 39.6% from 56.8 million rand in the prior year.

Full-year total revenue grew 19.8% on an annual basis to 526.1 million rand from 439.0 million rand, and total operating expenses grew 33.1% on an annual basis to 463.8 million rand from 348.5 million rand.

The company said reported net income fell 48.6% year over year to 40.7 million rand, or 3.18 rand per share, in the full year, from 79.2 million rand, or 6.22 rand per share.

As of July 1, US$1 was equivalent to 12.25 rand.