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Honey Bun Ltd. swings to profit in fiscal Q4

Honey Bun (1982) Ltd said its normalized net income for the fiscal fourth quarter ended Sept. 30 came to J$2.5 million, compared with a loss of J$11.4 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1.2% from negative 6.7% in the year-earlier period.

Total revenue climbed 25.5% year over year to J$214.1 million from J$170.6 million, and total operating expenses rose 10.2% year over year to J$210.3 million from J$190.8 million.

Reported net income came to J$4.1 million, or 1 cents per share, compared to a loss of J$17.3 million, or a loss of 4 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 9 cents per share, an increase from 3 cents per share in the prior year.

Normalized net income was J$42.5 million, a gain from J$14.0 million in the prior year.

Full-year total revenue grew 19.4% year over year to J$885.7 million from J$742.0 million, and total operating expenses rose 13.2% year over year to J$813.1 million from J$718.1 million.

The company said reported net income grew on an annual basis to J$68.2 million, or 14 cents per share, in the full year, from J$23.3 million, or 5 cents per share.

As of Nov. 23, US$1 was equivalent to J$119.82.