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Rhodes Food Group fiscal H2 profit climbs YOY

Rhodes Food Group Holdings Ltd. said its normalized net income for the fiscal second half ended Sept. 27 amounted to 41 South African cents per share, an increase of 61.8% from 26 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 94.4 million rand, a gain from 46.0 million rand in the year-earlier period.

Total revenue climbed 33.7% on an annual basis to 1.73 billion rand from 1.29 billion rand, and total operating expenses increased 32.3% from the prior-year period to 1.56 billion rand from 1.18 billion rand.

Reported net income rose from the prior-year period to 110.9 million rand, or 49 cents per share, from 44.1 million rand, or 25 cents per share.

For the year, the company's normalized net income totaled 66 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 79 cents.

EPS rose 43.7% from 46 cents in the prior year.

Normalized net income was 151.3 million rand, an increase of 82.9% from 82.7 million rand in the prior year.

Full-year total revenue increased 23.7% year over year to 3.02 billion rand from 2.44 billion rand, and total operating expenses grew 24.2% year over year to 2.76 billion rand from 2.22 billion rand.

The company said reported net income rose year over year to 169.7 million rand, or 74 cents per share, in the full year, from 81.9 million rand, or 46 cents per share.

As of Nov. 19, US$1 was equivalent to 14.02 rand.