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Ledesma swings to loss in fiscal Q4

Ledesma SA AI said its normalized net income for the fiscal fourth quarter ended May 31 came to a loss of 13 Argentine centavos per share, compared with 15 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 a loss of 55.7 million pesos, compared with income of 66.7 million pesos in the prior-year period.

The normalized profit margin fell to negative 3.4% from 5.2% in the year-earlier period.

Total revenue increased 21.4% year over year to 1.56 billion pesos from 1.29 billion pesos, and total operating expenses grew 29.5% from the prior-year period to 1.40 billion pesos from 1.08 billion pesos.

Reported net income fell 59.1% year over year to 39.6 million pesos, or 9 centavos per share, from 96.8 million pesos, or 22 centavos per share.

For the year, the company's normalized net income totaled a loss of 34 centavos per share, compared with 18 centavos per share in the prior year.

Normalized net income was a loss of 147.8 million pesos, compared with income of 78.8 million pesos in the prior year.

Full-year total revenue rose 24.5% year over year to 5.81 billion pesos from 4.67 billion pesos, and total operating expenses increased 26.9% on an annual basis to 5.35 billion pesos from 4.22 billion pesos.

The company said reported net income fell 61.5% on an annual basis to 66.0 million pesos, or 15 centavos per share, in the full year, from 171.6 million pesos, or 39 centavos per share.

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