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Corporacion Geo Q2 loss narrows YOY

Corporación Geo S.A.B. de C.V. said its normalized net income for the second quarter came to 353.9 million pesos, compared with a loss of 514.8 million pesos in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin was 166.1%.

Total revenue rose 72.7% year over year to 213.0 million pesos from 123.4 million pesos, and total operating expenses grew 6.9% from the prior-year period to 620.6 million pesos from 580.6 million pesos.

Reported net income came to a loss of 571.4 million pesos, compared with a loss of 799.5 million pesos, or a loss of 15.00 pesos per share, in the year-earlier period.

As of July 28, US$1 was equivalent to 18.90 Mexican pesos.