Ledesma Sociedad Anónima Agrícola Industrial said its normalized net income for the fiscal first quarter ended Aug. 31 was a loss of 18 Argentine centavos per share, compared with 6 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 80.2 million pesos, compared with income of 27.8 million pesos in the year-earlier period.

The normalized profit margin fell to negative 5.2% from 2.1% in the year-earlier period.

Total revenue increased 17.6% year over year to 1.55 billion pesos from 1.32 billion pesos, and total operating expenses grew 33.9% year over year to 1.52 billion pesos from 1.13 billion pesos.

Reported net income declined 37.5% on an annual basis to 22.0 million pesos, or 5 centavos per share, from 35.2 million pesos, or 8 centavos per share.

As of Oct. 13, US$1 was equivalent to 9.47 Argentine pesos.