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Grupo Famsa Q4 loss widens 45.6% YOY

Grupo Famsa S.A.B. de C.V. said its fourth-quarter normalized net income was a loss of 31 Mexican centavos per share, compared with a loss of 20 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 178.8 million pesos, compared with a loss of 122.8 million pesos in the prior-year period.

The normalized profit margin fell to negative 3.2% from negative 2.8% in the year-earlier period.

Total revenue rose 11.3% year over year to 4.90 billion pesos from 4.40 billion pesos, and total operating expenses rose from the prior-year period to 4.92 billion pesos from 4.83 billion pesos.

Reported net income totaled a loss of 97.8 million pesos, or a loss of 17 centavos per share, compared to a loss of 102.4 million pesos, or a loss of 16 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 15 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.32 pesos.

EPS was a loss of 18 centavos in the prior year.

Normalized net income was a loss of 84.7 million pesos, compared with a loss of 101.6 million pesos in the prior year.

Full-year total revenue rose 9.5% from the prior-year period to 17.54 billion pesos from 16.02 billion pesos, and total operating expenses grew 8.0% on an annual basis to 16.77 billion pesos from 15.53 billion pesos.

The company said reported net income rose on an annual basis to 343.9 million pesos, or 61 centavos per share, in the full year, from 147.0 million pesos, or 26 centavos per share.

As of May 5, US$1 was equivalent to 19.02 Mexican pesos.