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Gruma Q1 profit climbs 36.4% YOY

Gruma SAB de CV said its normalized net income for the first quarter amounted to 2.05 Mexican pesos per share, compared with the S&P Capital IQ consensus estimate of 2.14 pesos per share.

EPS increased 36.1% year over year from 1.51 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 889.3 million pesos, a gain of 36.4% from 652.2 million pesos in the prior-year period.

The normalized profit margin increased to 6.6% from 5.4% in the year-earlier period.

Total revenue grew 12.1% year over year to 13.52 billion pesos from 12.07 billion pesos, and total operating expenses climbed 11.2% year over year to 11.91 billion pesos from 10.71 billion pesos.

Reported net income grew 44.4% year over year to 999.0 million pesos, or 2.31 pesos per share, from 691.8 million pesos, or 1.60 pesos per share.

As of April 22, US$1 was equivalent to 15.45 Mexican pesos.