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Grupo Bafar Q2 profit falls YOY

Grupo Bafar SAB de CV said its second-quarter normalized net income came to 22 Mexican centavos per share, a decrease of 37.3% from 36 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 70.3 million pesos, a decrease of 36.8% from 111.3 million pesos in the prior-year period.

The normalized profit margin fell to 2.9% from 5.0% in the year-earlier period.

Total revenue rose 9.1% on an annual basis to 2.42 billion pesos from 2.21 billion pesos, and total operating expenses increased 9.5% year over year to 2.23 billion pesos from 2.04 billion pesos.

Reported net income fell 42.3% on an annual basis to 90.4 million pesos, or 29 centavos per share, from 156.6 million pesos, or 50 centavos per share.

As of July 24, US$1 was equivalent to 16.25 Mexican pesos.