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Grimoldi Q1 profit climbs 48.8% YOY

Grimoldi SA said its normalized net income for the first quarter amounted to 60 Argentine centavos per share, an increase of 48.8% from 40 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.5 million pesos, an increase of 48.8% from 17.8 million pesos in the year-earlier period.

The normalized profit margin fell to 5.1% from 5.3% in the year-earlier period.

Total revenue climbed 53.4% on an annual basis to 511.9 million pesos from 333.7 million pesos, and total operating expenses grew 54.0% year over year to 432.3 million pesos from 280.6 million pesos.

Reported net income grew 61.2% on an annual basis to 26.3 million pesos, or 59 centavos per share, from 16.3 million pesos, or 37 centavos per share.

As of May 12, US$1 was equivalent to 8.93 Argentine pesos.