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Morixe Hermanos fiscal Q2 loss widens YOY

Morixe Hermanos SAC. e I. said its normalized net income for the fiscal second quarter ended Nov. 30, 2015, was a loss of 14 Argentine centavos per share, compared with a loss of 18 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 6.6 million pesos, compared with a loss of 2.7 million pesos in the prior-year period.

The normalized profit margin fell to negative 27.4% from negative 4.5% in the year-earlier period.

Total revenue fell 58.5% on an annual basis to 25.2 million pesos from 60.7 million pesos, and total operating expenses declined 43.6% on an annual basis to 33.8 million pesos from 59.9 million pesos.

Reported net income came to a loss of 7.4 million pesos, or a loss of 16 centavos per share, compared to a loss of 3.0 million pesos, or a loss of 20 centavos per share, in the year-earlier period.

As of Jan. 12, US$1 was equivalent to 13.54 Argentine pesos.