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Filamentos Industriales swings to profit in Q2

Filamentos Industriales SA said its second-quarter normalized net income came to 2.3 million soles, compared with a loss of 98,750 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 rose to 22.2% from negative 0.7% in the year-earlier period.

Total revenue fell 25.2% year over year to 10.2 million soles from 13.6 million soles, and total operating expenses declined 45.5% year over year to 8.0 million soles from 14.6 million soles.

Reported net income totaled 3.3 million soles, or 9 céntimos per share, compared to a loss of 158,000 soles, or a loss of 0 céntimos per share, in the prior-year period.

As of July 30, US$1 was equivalent to 3.18 soles.