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Inversiones La Rioja swings to profit in Q1

Inversiones La Rioja SA said its normalized net income for the first quarter came to 5 Peruvian céntimos per share, compared with a loss of 3 céntimos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.7 million soles, compared with a loss of 2.2 million soles in the prior-year period.

The normalized profit margin climbed to 11.1% from negative 8.1% in the year-earlier period.

Total revenue rose 27.5% on an annual basis to 34.1 million soles from 26.7 million soles, and total operating expenses climbed 28.2% on an annual basis to 27.2 million soles from 21.2 million soles.

Reported net income totaled 4.3 million soles, or 6 céntimos per share, compared to a loss of 4.0 million soles, or a loss of 5 céntimos per share, in the prior-year period.

As of April 29, US$1 was equivalent to 3.27 soles.