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Combined Motor fiscal H1 profit falls YOY

Combined Motor Holdings Ltd said its normalized net income for the fiscal first half ended Aug. 31 amounted to 76 South African cents per share, an increase of 10.2% from 69 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 72.1 million rand, a decline from 75.4 million rand in the year-earlier period.

Total revenue grew on an annual basis to 5.49 billion rand from 5.37 billion rand, and total operating expenses increased from the prior-year period to 5.33 billion rand from 5.21 billion rand.

Reported net income fell 5.6% from the prior-year period to 81.4 million rand, or 86 cents per share, from 86.2 million rand, or 79 cents per share.

As of Oct. 22, US$1 was equivalent to 11.02 rand.