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Austral Group swings to profit in Q1

Austral Group S.A.A. said its normalized net income for the first quarter amounted to 12.2 million soles, compared with a loss of 16.0 million soles in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 7.4% from negative 27.3% in the year-earlier period.

Total revenue rose on an annual basis to 161.9 million soles from 58.6 million soles, and total operating expenses increased year over year to 144.7 million soles from 70.2 million soles.

Reported net income came to 13.6 million soles, compared with a loss of 17.0 million soles in the prior-year period.

As of May 13, US$1 was equivalent to 3.33 soles.