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Corporacion Geo swings to profit in Q1

Corporación Geo S.A.B. de C.V. said its first-quarter normalized net income was 2.06 billion pesos, compared with a loss of 481.0 million pesos in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 1,556.9% from negative 279.6% in the year-earlier period.

Total revenue fell 23.0% year over year to 132.4 million pesos from 172.0 million pesos.

Reported net income totaled 3.32 billion pesos, compared with a loss of 751.0 million pesos, or a loss of 134.00 pesos per share, in the prior-year period.

As of April 29, US$1 was equivalent to 17.13 Mexican pesos.