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Grupo Bafar Q1 profit falls YOY

Grupo Bafar SAB de CV said its first-quarter normalized net income amounted to 15 Mexican centavos per share, a decline of 44.0% from 27 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 46.7 million pesos, a decline of 44.1% from 83.5 million pesos in the prior-year period.

The normalized profit margin fell to 2.0% from 4.1% in the year-earlier period.

Total revenue climbed 13.3% on an annual basis to 2.28 billion pesos from 2.01 billion pesos, and total operating expenses climbed 14.2% year over year to 2.14 billion pesos from 1.88 billion pesos.

Reported net income fell 65.5% from the prior-year period to 39.4 million pesos, or 13 centavos per share, from 114.2 million pesos, or 36 centavos per share.

As of May 1, US$1 was equivalent to 15.54 Mexican pesos.