ASA International (ASAI) reported net income of $28.5m in FY24, significantly improved from the $8.8m in the prior year and our estimate of $23.9m. Net operating income of $180.9m was +26% YoY and 3.5% ahead of where we expected. This, along with an improved hyperinflation adjustment explains the beat on the $24m figure that was aligned with guidance at the time of the January trading update. Operating expenses were slightly ahead of where we had forecast but understandable given the higher leve ....
