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Presco Q2 profit climbs YOY

Presco PLC said its normalized net income for the second quarter was 1.20 nairas per share, a gain from 40 kobo per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.20 billion nairas, a gain from 397.5 million nairas in the year-earlier period.

The normalized profit margin rose to 27.7% from 15.7% in the year-earlier period.

Total revenue increased 71.3% year over year to 4.34 billion nairas from 2.53 billion nairas, and total operating expenses fell from the prior-year period to 1.59 billion nairas from 1.65 billion nairas.

Reported net income grew year over year to 1.61 billion nairas, or 1.61 nairas per share, from 588.9 million nairas, or 59 kobo per share.

As of July 29, US$1 was equivalent to 319.75 nairas.