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Cartavio swings to profit in Q2

Cartavio S.A.A. said its normalized net income for the second quarter amounted to 77 Peruvian céntimos per share, compared with a loss of 12 céntimos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.0 million soles, compared with a loss of 2.8 million soles in the prior-year period.

The normalized profit margin rose to 3.1% from negative 4.3% in the year-earlier period.

Total revenue grew 61.8% year over year to 105.7 million soles from 65.3 million soles, and total operating expenses grew 20.0% from the prior-year period to 78.8 million soles from 65.7 million soles.

Reported net income totaled 22.3 million soles, or 1.08 soles per share, compared to a loss of 908,000 soles, or a loss of 4 céntimos per share, in the year-earlier period.

As of July 27, US$1 was equivalent to 3.36 soles.