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Grupe SAB de CV Q1 profit climbs 26.8% YOY

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Grupe SAB de CV Q1 profit climbs 26.8% YOY

Grupe SAB de CV said its normalized net income for the first quarter was 1.68 Mexican pesos per share, an increase of 26.8% from 1.32 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 111.1 million pesos, an increase of 26.8% from 87.6 million pesos in the year-earlier period.

The normalized profit margin increased to 21.3% from 20.1% in the year-earlier period.

Total revenue increased 19.7% on an annual basis to 521.0 million pesos from 435.2 million pesos, and total operating expenses climbed 17.4% from the prior-year period to 325.9 million pesos from 277.5 million pesos.

Reported net income rose 27.8% from the prior-year period to 173.8 million pesos, or 2.62 pesos per share, from 136.0 million pesos, or 2.05 pesos per share.

As of April 30, US$1 was equivalent to 15.35 Mexican pesos.