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Grupo Famsa swings to profit in Q3

Grupo Famsa S.A.B. de C.V. said its third-quarter normalized net income came to 3 Mexican centavos per share, compared with a loss of 11 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 17.9 million pesos, compared with a loss of 61.1 million pesos in the year-earlier period.

The normalized profit margin rose to 0.4% from negative 1.5% in the year-earlier period.

Total revenue rose 6.7% on an annual basis to 4.25 billion pesos from 3.99 billion pesos, and total operating expenses climbed 8.7% year over year to 4.00 billion pesos from 3.68 billion pesos.

Reported net income grew year over year to 123.8 million pesos, or 22 centavos per share, from 37.3 million pesos, or 7 centavos per share.

As of Oct. 20, US$1 was equivalent to 18.63 Mexican pesos.