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Accel Q1 profit climbs 98.8% YOY

Accel SAB de CV said its normalized net income for the first quarter was 13 Mexican centavos per share, a gain of 93.2% from 7 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 25.1 million pesos, an increase of 98.8% from 12.6 million pesos in the year-earlier period.

The normalized profit margin rose to 1.9% from 1.2% in the year-earlier period.

Total revenue increased 29.8% year over year to 1.34 billion pesos from 1.03 billion pesos, and total operating expenses rose 28.0% year over year to 1.27 billion pesos from 991.7 million pesos.

Reported net income rose from the prior-year period to 30.8 million pesos, or 16 centavos per share, from 15.0 million pesos, or 8 centavos per share.

As of May 1, US$1 was equivalent to 15.54 Mexican pesos.