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S.A. San Miguel swings to loss in Q4

S.A. San Miguel A.G.I.C.I. y F. said its fourth-quarter normalized net income was a loss of 4 Argentine centavos per share, compared with 11 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 a loss of 22.6 million pesos, compared with income of 72.5 million pesos in the prior-year period.

The normalized profit margin dropped to negative 6.3% from 14.2% in the year-earlier period.

Total revenue climbed 83.8% on an annual basis to 939.2 million pesos from 511.0 million pesos, and total operating expenses rose year over year to 760.1 million pesos from 366.5 million pesos.

Reported net income rose from the prior-year period to 236.5 million pesos, or 37 centavos per share, from 71.2 million pesos, or 11 centavos per share.

For the year, the company's normalized net income totaled a loss of 2 centavos per share, compared with 16 centavos per share in the prior year.

Normalized net income was a loss of 13.3 million pesos, compared with income of 106.2 million pesos in the prior year.

Full-year total revenue grew 37.9% from the prior-year period to 2.32 billion pesos from 1.68 billion pesos, and total operating expenses grew 51.4% year over year to 2.04 billion pesos from 1.35 billion pesos.

The company said reported net income grew 16.7% year over year to 348.8 million pesos, or 54 centavos per share, in the full year, from 298.9 million pesos, or 46 centavos per share.

As of March 10, US$1 was equivalent to 15.34 Argentine pesos.