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Grupo Palacio de Hierro Q2 profit climbs 61.4% YOY

Grupo Palacio de Hierro SAB de CV said its second-quarter normalized net income came to 56 Mexican centavos per share, an increase of 43.3% from 39 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 211.9 million pesos, a gain of 61.4% from 131.3 million pesos in the year-earlier period.

The normalized profit margin climbed to 3.7% from 2.8% in the year-earlier period.

Total revenue climbed 12.1% year over year to 5.16 billion pesos from 4.61 billion pesos, and total operating expenses increased 10.4% year over year to 5.32 billion pesos from 4.81 billion pesos.

Reported net income grew 61.3% year over year to 240.0 million pesos, or 63 centavos per share, from 148.8 million pesos, or 44 centavos per share.

As of July 28, US$1 was equivalent to 16.28 Mexican pesos.