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Urbi Desarrollos Urbanos Q1 loss narrows YOY

Urbi Desarrollos Urbanos S.A.B. de C.V. said its normalized net income for the first quarter amounted to a loss of 25.32 Mexican pesos per share, compared with a loss of 303.59 pesos 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 83.6 million pesos, compared with a loss of 298.2 million pesos in the prior-year period.

The normalized profit margin was 228.4%.

Total revenue rose 19.2% on an annual basis to 36.6 million pesos from 30.7 million pesos.

Reported net income totaled a loss of 198.1 million pesos, or a loss of 60.00 pesos per share, compared to a loss of 491.1 million pesos, or a loss of 500.00 pesos per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 17.13 Mexican pesos.