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Pick n Pay Stores fiscal H1 profit climbs 31.3% YOY

Pick n Pay Stores Ltd said its normalized net income for the fiscal first half ended Aug. 31 came to 46 South African cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS rose 29.6% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 227.4 million rand, an increase of 31.3% from 173.1 million rand in the first half ended Sept. 1, 2013.

Total revenue grew 6.8% on an annual basis to 32.11 billion rand from 30.07 billion rand, and total operating expenses climbed 6.6% on an annual basis to 31.72 billion rand from 29.75 billion rand.

Reported net income rose 36.7% on an annual basis to 261.9 million rand, or 54 cents per share, from 191.6 million rand, or 40 cents per share.

As of Oct. 16, US$1 was equivalent to 11.09 rand.