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Molinos Juan Semino swings to loss in fiscal Q1

Molinos Juan Semino SA said its normalized net income for the fiscal first quarter ended Aug. 31 came to a loss of 1.5 million pesos, compared with income of 7.5 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 1.5% from 9.1% in the year-earlier period.

Total revenue climbed 23.7% year over year to 101.5 million pesos from 82.0 million pesos, and total operating expenses rose 47.5% on an annual basis to 103.2 million pesos from 70.0 million pesos.

Reported net income totaled a loss of 1.5 million pesos, or a loss of 1 centavos per share, compared to income of 7.7 million pesos, or 5 centavos per share, in the prior-year period.

As of Oct. 10, US$1 was equivalent to 8.47 Argentine pesos.