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Empresa Azucarera el Ingenio swings to profit in Q1

Empresa Azucarera el Ingenio SA said its normalized net income for the first quarter amounted to 151,880 soles, compared with a loss of 7,500 soles in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 9.3% from negative 0.5% in the year-earlier period.

Total revenue increased 6.1% year over year to 1.6 million soles from 1.5 million soles, and total operating expenses fell 10.7% on an annual basis to 1.4 million soles from 1.6 million soles.

Reported net income rose 37.3% on an annual basis to 206,000 soles, or 5 céntimos per share, from 150,000 soles, or 3 céntimos per share.

As of April 29, US$1 was equivalent to 3.13 soles.