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Ledesma fiscal Q2 loss narrows YOY

Ledesma Sociedad Anónima Agrícola Industrial said its normalized net income for the fiscal second quarter ended Nov. 30, 2015, was a loss of 1 Argentine centavos per share, compared with a loss of 3 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 a loss of 4.1 million pesos, compared with a loss of 12.6 million pesos in the prior-year period.

The normalized profit margin increased to negative 0.2% from negative 0.8% in the year-earlier period.

Total revenue grew 25.3% year over year to 1.90 billion pesos from 1.51 billion pesos, and total operating expenses grew 22.0% from the prior-year period to 1.71 billion pesos from 1.40 billion pesos.

Reported net income decreased 44.0% year over year to 7.6 million pesos, or 2 centavos per share, from 13.5 million pesos, or 3 centavos per share.

As of Jan. 11, US$1 was equivalent to 13.86 Argentine pesos.