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Corporativo Fragua Q1 profit climbs YOY

Corporativo Fragua SAB de CV said its normalized net income for the first quarter came to 2.27 Mexican pesos per share, an increase from 2.18 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 222.9 million pesos, an increase from 214.9 million pesos in the prior-year period.

The normalized profit margin dropped to 2.6% from 2.8% in the year-earlier period.

Total revenue increased 11.5% year over year to 8.71 billion pesos from 7.81 billion pesos, and total operating expenses climbed 11.8% from the prior-year period to 8.32 billion pesos from 7.44 billion pesos.

Reported net income fell 6.9% on an annual basis to 227.6 million pesos, or 2.31 pesos per share, from 244.5 million pesos, or 2.48 pesos per share.

As of May 1, US$1 was equivalent to 15.54 Mexican pesos.