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Servicios Corporativos swings to loss in Q1

Servicios Corporativos Javer SAB de CV said its first-quarter normalized net income amounted to 39.4 million pesos, compared with income of 28.2 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 2.5% from 2.1% in the year-earlier period.

Total revenue grew 14.0% year over year to 1.56 billion pesos from 1.37 billion pesos, and total operating expenses increased 13.7% on an annual basis to 1.37 billion pesos from 1.21 billion pesos.

Reported net income came to a loss of 99.3 million pesos, compared with a loss of 20.5 million pesos in the year-earlier period.

As of April 9, US$1 was equivalent to 15.09 Mexican pesos.