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Urbi Desarrollos Urbanos Q2 profit climbs YOY

Urbi Desarrollos Urbanos S.A.B. de C.V. said its second-quarter normalized net income amounted to 2.74 Mexican pesos per share, a decrease of 50.3% from 5.52 pesos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 413.5 million pesos, an increase from 5.4 million pesos in the year-earlier period.

The normalized profit margin climbed to 503.5% from 16.5% in the year-earlier period.

Total revenue rose on an annual basis to 82.1 million pesos from 32.7 million pesos.

Reported net income rose year over year to 661.8 million pesos, or 4.39 pesos per share, from 165.8 million pesos, or 169.85 pesos per share.

As of Aug. 23, US$1 was equivalent to 18.29 Mexican pesos.