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.
