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Urbi Desarrollos Urbanos swings to profit in Q3

Urbi Desarrollos Urbanos S.A.B. de C.V. said its normalized net income for the third quarter was 3.99 Mexican pesos per share, compared with a loss of 247.15 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 617.7 million pesos, compared with a loss of 241.3 million pesos in the prior-year period.

The normalized profit margin was 599.2%.

Total revenue increased 71.9% year over year to 103.1 million pesos from 60.0 million pesos.

Reported net income came to 988.4 million pesos, or 6.38 pesos per share, compared to a loss of 382.0 million pesos, or a loss of 391.17 pesos per share, in the year-earlier period.

As of Oct. 28, US$1 was equivalent to 18.73 Mexican pesos.