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Farmacias Benavides Q1 profit falls YOY

Farmacias Benavides SAB de CV said its first-quarter normalized net income was 12 Mexican centavos per share, a decline from 12 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 44.1 million pesos, a decrease of 10.7% from 49.4 million pesos in the year-earlier period.

The normalized profit margin declined to 1.4% from 1.8% in the year-earlier period.

Total revenue rose 12.9% on an annual basis to 3.17 billion pesos from 2.81 billion pesos, and total operating expenses grew 13.7% on an annual basis to 3.10 billion pesos from 2.73 billion pesos.

Reported net income grew 10.9% from the prior-year period to 45.5 million pesos, or 12 centavos per share, from 41.1 million pesos, or 10 centavos per share.

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