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Quickfood Sociedad Anonima swings to loss in Q1

Quickfood Sociedad Anonima said its first-quarter normalized net income was a loss of 12 Argentine centavos per share, compared with 12 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.5 million pesos, compared with income of 4.4 million pesos in the prior-year period.

The normalized profit margin fell to negative 0.5% from 0.7% in the year-earlier period.

Total revenue grew 22.6% on an annual basis to 827.2 million pesos from 674.8 million pesos, and total operating expenses grew 26.2% on an annual basis to 837.4 million pesos from 663.3 million pesos.

Reported net income came to a loss of 7.4 million pesos, or a loss of 20 centavos per share, compared to a loss of 4.5 million pesos, or a loss of 12 centavos per share, in the prior-year period.

As of May 11, US$1 was equivalent to 8.93 Argentine pesos.