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Rex Trueform Clothing swings to profit in fiscal H1

Rex Trueform Group Ltd said its normalized net income for the fiscal first half ended Dec. 31, 2014, came to 52 South African cents per share, compared with a loss of 10 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 10.7 million rand, compared with a loss of 2.1 million rand in the year-earlier period.

Total revenue increased year over year to 268.7 million rand from 261.1 million rand, and total operating expenses declined 5.1% year over year to 252.8 million rand from 266.2 million rand.

Reported net income totaled 12.3 million rand, or 60 cents per share, compared to a loss of 2.4 million rand, or a loss of 12 cents per share, in the year-earlier period.

As of March 10, US$1 was equivalent to 12.33 rand.