Molinos Rio de la Plata SA said its first-quarter normalized net income amounted to 18 Argentine centavos per share, a decrease of 53.5% from 40 centavos per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 46.0 million pesos, a decline of 53.4% from 98.7 million pesos in the year-earlier period.
The normalized profit margin dropped to 1.0% from 2.3% in the year-earlier period.
Total revenue climbed 6.2% on an annual basis to 4.49 billion pesos from 4.23 billion pesos, and total operating expenses increased on an annual basis to 4.31 billion pesos from 4.12 billion pesos.
Reported net income decreased 71.3% on an annual basis to 60.1 million pesos, or 24 centavos per share, from 209.9 million pesos, or 84 centavos per share.
As of May 12, US$1 was equivalent to 8.93 Argentine pesos.
