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Grupo Hotelero Santa Fe Q1 profit falls YOY

Grupo Hotelero Santa Fe SAB de CV said its first-quarter normalized net income came to 5 Mexican centavos per share, a decline of 28.7% from 7 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 12.8 million pesos, a decline from 13.2 million pesos in the year-earlier period.

The normalized profit margin fell to 5.4% from 6.7% in the year-earlier period.

Total revenue grew 19.3% year over year to 236.7 million pesos from 198.4 million pesos, and total operating expenses increased 6.2% year over year to 172.6 million pesos from 162.5 million pesos.

Reported net income decreased 21.7% year over year to 16.2 million pesos, or 6 centavos per share, from 20.7 million pesos, or 10 centavos per share.

As of April 29, US$1 was equivalent to 15.17 Mexican pesos.