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Corpovael Q1 profit climbs YOY

Corpovael SAB de CV said its first-quarter normalized net income was 63 Mexican centavos per share, a gain from 4 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 71.7 million pesos, an increase from 4.3 million pesos in the prior-year period.

The normalized profit margin climbed to 8.4% from 1.0% in the year-earlier period.

Total revenue rose on an annual basis to 851.2 million pesos from 421.2 million pesos, and total operating expenses climbed 77.8% year over year to 728.0 million pesos from 409.3 million pesos.

Reported net income rose year over year to 81.0 million pesos, or 71 centavos per share, from 13.3 million pesos, or 12 centavos per share.

As of April 28, US$1 was equivalent to 15.21 Mexican pesos.