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Mirgor Q4 profit climbs YOY

Mirgor S.A.C.I.F.I.A. said its normalized net income for the fourth quarter was 1.65 Argentine pesos per share, a gain from 30 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 297.4 million pesos, a gain from 53.4 million pesos in the year-earlier period.

The normalized profit margin rose to 7.6% from 3.7% in the year-earlier period.

Total revenue rose year over year to 3.91 billion pesos from 1.46 billion pesos, and total operating expenses rose from the prior-year period to 3.00 billion pesos from 1.33 billion pesos.

Reported net income increased on an annual basis to 460.3 million pesos, or 2.56 pesos per share, from 88.8 million pesos, or 49 centavos per share.

For the year, the company's normalized net income totaled 1.89 pesos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8.17 pesos.

EPS rose from 51 centavos in the prior year.

Normalized net income was 340.3 million pesos, a gain from 92.6 million pesos in the prior year.

Full-year total revenue rose 52.9% from the prior-year period to 7.71 billion pesos from 5.04 billion pesos, and total operating expenses increased 40.2% year over year to 6.56 billion pesos from 4.68 billion pesos.

The company said reported net income grew year over year to 522.3 million pesos, or 2.90 pesos per share, in the full year, from 136.9 million pesos, or 76 centavos per share.

As of March 10, US$1 was equivalent to 15.34 Argentine pesos.