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Grupo Comercial Chedraui Q2 profit falls YOY

Grupo Comercial Chedraui SAB de CV said its second-quarter normalized net income was 36 Mexican centavos per share, a decrease of 14.3% from 42 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 353.3 million pesos, a decrease of 9.8% from 391.7 million pesos in the prior-year period.

The normalized profit margin fell to 1.8% from 2.3% in the year-earlier period.

Total revenue climbed 11.0% year over year to 19.10 billion pesos from 17.20 billion pesos, and total operating expenses increased 11.8% on an annual basis to 18.28 billion pesos from 16.34 billion pesos.

Reported net income declined 12.7% year over year to 384.6 million pesos, or 39 centavos per share, from 440.8 million pesos, or 47 centavos per share.

As of Aug. 5, US$1 was equivalent to 16.37 Mexican pesos.