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TV Azteca Q1 loss narrows YOY

TV Azteca SAV de CV said its first-quarter normalized net income came to a loss of 4 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 20 centavos per share.

The per-share loss narrowed 49.4% year over year from 9 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 131.3 million pesos, compared with a loss of 259.0 million pesos in the prior-year period.

The normalized profit margin climbed to negative 0.9% from negative 10.2% in the year-earlier period.

Total revenue increased 12.4% on an annual basis to 2.86 billion pesos from 2.55 billion pesos, and total operating expenses climbed 12.8% from the prior-year period to 2.75 billion pesos from 2.43 billion pesos.

Reported net income came to a loss of 553.5 million pesos, or a loss of 19 centavos per share, compared to a loss of 675.8 million pesos, or a loss of 23 centavos per share, in the year-earlier period.

As of April 25, US$1 was equivalent to 17.59 Mexican pesos.