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Grupo Famsa profit beats consensus by 20.7% in Q2

Grupo Famsa SAB de CV said its normalized net income for the second quarter amounted to 13 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 11 centavos per share.

EPS declined 12.5% year over year from 15 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 63.4 million pesos, a decline from 66.1 million pesos in the year-earlier period.

The normalized profit margin declined to 1.5% from 1.8% in the year-earlier period.

Total revenue increased 12.2% year over year to 4.10 billion pesos from 3.66 billion pesos, and total operating expenses climbed 11.0% on an annual basis to 3.77 billion pesos from 3.39 billion pesos.

Reported net income grew on an annual basis to 119.4 million pesos, or 25 centavos per share, from 42.4 million pesos, or 10 centavos per share.

As of July 24, US$1 was equivalent to 16.25 Mexican pesos.