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Agro Industrial Paramonga swings to profit in Q1

Agro Industrial Paramonga S.A.A. said its first-quarter normalized net income came to 6.1 million soles, compared with a loss of 136,250 soles 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 9.5% from negative 0.3% in the year-earlier period.

Total revenue increased 34.6% on an annual basis to 64.6 million soles from 48.0 million soles, and total operating expenses rose 30.6% year over year to 55.8 million soles from 42.8 million soles.

Reported net income came to 8.3 million soles, or 24 céntimos per share, compared to a loss of 522,000 soles, or a loss of 2 céntimos per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 3.34 soles.