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Farmacias Benavides Q1 profit falls YOY

Farmacias Benavides S.A.B. de C.V. said its normalized net income for the first quarter amounted to 6 Mexican centavos per share, a decline of 47.9% from 12 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 26.3 million pesos, a decrease of 40.5% from 44.1 million pesos in the prior-year period.

The normalized profit margin declined to 0.8% from 1.4% in the year-earlier period.

Total revenue grew 6.3% year over year to 3.37 billion pesos from 3.17 billion pesos, and total operating expenses grew 6.7% from the prior-year period to 3.31 billion pesos from 3.10 billion pesos.

Reported net income declined 42.9% on an annual basis to 26.0 million pesos, or 6 centavos per share, from 45.5 million pesos, or 12 centavos per share.

As of April 28, US$1 was equivalent to 17.19 Mexican pesos.