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Quickfood Sociedad Anonima swings to loss in Q3

Quickfood Sociedad Anonima said its normalized net income for the third quarter amounted to a loss of 38 Argentine centavos per share, compared with 24 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.9 million pesos, compared with income of 8.9 million pesos in the year-earlier period.

The normalized profit margin declined to negative 1.5% from 1.1% in the year-earlier period.

Total revenue increased 18.6% year over year to 916.8 million pesos from 772.7 million pesos, and total operating expenses rose 22.6% year over year to 939.1 million pesos from 765.9 million pesos.

Reported net income came to a loss of 13.5 million pesos, or a loss of 37 centavos per share, compared to a loss of 638,000 pesos, or a loss of 2 centavos per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 9.58 Argentine pesos.