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Grupo Sports World swings to loss in Q1

Grupo Sports World SAB de CV said its normalized net income for the first quarter came to a loss of 3 Mexican centavos per share, compared with 12 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.9 million pesos, compared with income of 9.6 million pesos in the year-earlier period.

The normalized profit margin dropped to negative 1.1% from 3.9% in the year-earlier period.

Total revenue climbed 10.2% year over year to 268.2 million pesos from 243.3 million pesos, and total operating expenses grew 18.1% on an annual basis to 266.2 million pesos from 225.4 million pesos.

Reported net income totaled a loss of 3.5 million pesos, or a loss of 4 centavos per share, compared to income of 12.2 million pesos, or 15 centavos per share, in the prior-year period.

As of April 24, US$1 was equivalent to 15.38 Mexican pesos.