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Mirgor swings to loss in Q1

Mirgor SAC.I.F.I.A. said its first-quarter normalized net income amounted to a loss of 11 Argentine centavos per share, compared with 8 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 20.1 million pesos, compared with income of 13.9 million pesos in the prior-year period.

The normalized profit margin declined to negative 2.5% from 1.3% in the year-earlier period.

Total revenue declined 23.9% on an annual basis to 818.6 million pesos from 1.08 billion pesos, and total operating expenses decreased 13.6% on an annual basis to 817.1 million pesos from 946.1 million pesos.

Reported net income came to a loss of 36.6 million pesos, or a loss of 20 centavos per share, compared to income of 19.0 million pesos, or 11 centavos per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 8.93 Argentine pesos.