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TGLT SA Q3 loss widens 18.3% YOY

TGLT SA said its normalized net income for the third quarter came to a loss of 20 Argentine centavos per share, compared with a loss of 18 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 14.1 million pesos, compared with a loss of 11.9 million pesos in the prior-year period.

The normalized profit margin increased to negative 5.4% from negative 17.8% in the year-earlier period.

Total revenue increased on an annual basis to 267.4 million pesos from 67.0 million pesos, and total operating expenses rose on an annual basis to 262.8 million pesos from 69.7 million pesos.

Reported net income increased 22.5% from the prior-year period to 6.5 million pesos, or 9 centavos per share, from 5.3 million pesos, or 8 centavos per share.

As of Nov. 9, US$1 was equivalent to 9.58 Argentine pesos.