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TGLT SA Q1 loss narrows YOY

TGLT SA said its normalized net income for the first quarter amounted to a loss of 11 Argentine centavos per share, compared with a loss of 28 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 a loss of 7.9 million pesos, compared with a loss of 20.1 million pesos in the prior-year period.

The normalized profit margin climbed to negative 5.5% from negative 43.6% in the year-earlier period.

Total revenue grew on an annual basis to 143.6 million pesos from 46.2 million pesos, and total operating expenses increased 77.6% year over year to 137.8 million pesos from 77.6 million pesos.

Reported net income came to a loss of 5.2 million pesos, or a loss of 7 centavos per share, compared to a loss of 8.6 million pesos, or a loss of 12 centavos per share, in the prior-year period.

As of May 12, US$1 was equivalent to 8.93 Argentine pesos.