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Clover Industries fiscal H1 profit climbs 45.7% YOY

Clover Industries Ltd. said its normalized net income for the fiscal first half ended Dec. 31, 2014, was 93 South African cents per share, an increase of 45.9% from 64 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 178.9 million rand, a gain of 45.7% from 122.8 million rand in the prior-year period.

Total revenue climbed 7.9% year over year to 4.66 billion rand from 4.32 billion rand, and total operating expenses climbed 6.4% on an annual basis to 4.36 billion rand from 4.09 billion rand.

Reported net income increased 35.4% on an annual basis to 214.9 million rand, or 1.12 rand per share, from 158.8 million rand, or 82 cents per share.

As of March 17, US$1 was equivalent to 12.39 rand.