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Molinos Rio de la Plata Q2 profit falls YOY

Molinos Rio de la Plata SA said its second-quarter normalized net income was 96 Argentine centavos per share, a decrease of 24.0% from 1.27 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 239.7 million pesos, a decrease of 24.3% from 316.8 million pesos in the prior-year period.

The normalized profit margin fell to 3.2% from 3.7% in the year-earlier period.

Total revenue decreased 6.5% on an annual basis to 7.90 billion pesos from 8.46 billion pesos, and total operating expenses fell from the prior-year period to 7.44 billion pesos from 7.82 billion pesos.

Reported net income fell 47.2% from the prior-year period to 146.9 million pesos, or 59 centavos per share, from 278.3 million pesos, or 1.11 pesos per share.

As of Aug. 10, US$1 was equivalent to 9.22 Argentine pesos.