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Grupo Minsa Q1 profit falls YOY

Grupo Minsa SAB de CV said its first-quarter normalized net income was 16 Mexican centavos per share, a decline of 30.5% from 22 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 63.2 million pesos, a decrease of 30.2% from 90.5 million pesos in the prior-year period.

The normalized profit margin dropped to 4.8% from 6.7% in the year-earlier period.

Total revenue decreased on an annual basis to 1.32 billion pesos from 1.34 billion pesos, and total operating expenses grew on an annual basis to 1.22 billion pesos from 1.19 billion pesos.

Reported net income declined 42.6% year over year to 65.1 million pesos, or 16 centavos per share, from 113.3 million pesos, or 28 centavos per share.

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