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Honeywell Flour Mills fiscal Q1 profit climbs YOY

Honeywell Flour Mills Plc said its normalized net income for the fiscal first quarter ended June 30 was 365.6 million nairas, an increase from 68.8 million nairas in the prior-year period.

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

The normalized profit margin increased to 2.8% from 0.5% in the year-earlier period.

Total revenue totaled 13.19 billion nairas, compared with 13.28 billion nairas in the year-earlier period, and total operating expenses decreased on an annual basis to 12.45 billion nairas from 12.81 billion nairas.

Reported net income grew on an annual basis to 462.0 million nairas, or 6 kobo per share, from 75.0 million nairas, or 1 kobo per share.

As of Sept. 22, US$1 was equivalent to 163.75 nairas.