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Grimoldi Q2 profit climbs 82.6% YOY

Grimoldi SA said its normalized net income for the second quarter came to 78 Argentine centavos per share, an increase of 81.8% from 43 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 34.5 million pesos, an increase of 82.6% from 18.9 million pesos in the prior-year period.

The normalized profit margin increased to 6.2% from 5.0% in the year-earlier period.

Total revenue increased 47.2% on an annual basis to 552.4 million pesos from 375.2 million pesos, and total operating expenses climbed 50.2% from the prior-year period to 459.1 million pesos from 305.7 million pesos.

Reported net income rose 91.5% year over year to 36.5 million pesos, or 82 centavos per share, from 19.1 million pesos, or 43 centavos per share.

As of Aug. 11, US$1 was equivalent to 9.23 Argentine pesos.