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Gruma Q2 profit climbs 37.4% YOY

Gruma SAB de CV said its second-quarter normalized net income was 2.40 Mexican pesos per share, compared with the S&P Capital IQ consensus estimate of 2.24 pesos per share.

EPS climbed 37.6% year over year from 1.74 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.04 billion pesos, a gain of 37.4% from 755.7 million pesos in the prior-year period.

The normalized profit margin rose to 7.3% from 6.1% in the year-earlier period.

Total revenue rose 16.1% on an annual basis to 14.28 billion pesos from 12.30 billion pesos, and total operating expenses climbed 15.3% from the prior-year period to 12.44 billion pesos from 10.79 billion pesos.

Reported net income grew 11.4% on an annual basis to 1.15 billion pesos, or 2.65 pesos per share, from 1.03 billion pesos, or 2.38 pesos per share.

As of July 23, US$1 was equivalent to 16.10 Mexican pesos.