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S.A. San Miguel swings to loss in Q2

S.A. San Miguel A.G.I.C.I. y F. said its second-quarter normalized net income came to a loss of 2 Argentine centavos per share, compared with 2 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.0 million pesos, compared with income of 10.4 million pesos in the year-earlier period.

The normalized profit margin fell to 1.0% from 3.2% in the year-earlier period.

Total revenue rose 19.8% year over year to 395.4 million pesos from 330.1 million pesos, and total operating expenses increased 32.6% on an annual basis to 381.6 million pesos from 287.8 million pesos.

Reported net income grew 21.7% from the prior-year period to 25.0 million pesos, or 4 centavos per share, from 20.5 million pesos, or 3 centavos per share.

As of Aug. 11, US$1 was equivalent to 9.23 Argentine pesos.