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Quickfood Sociedad Anonima Q4 loss widens 66.7% YOY

Quickfood Sociedad Anonima said its fourth-quarter normalized net income was a loss of 1.07 Argentine pesos per share, compared with a loss of 1.94 pesos 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 118.0 million pesos, compared with a loss of 70.8 million pesos in the year-earlier period.

The normalized profit margin dropped to negative 9.0% from negative 6.8% in the year-earlier period.

Total revenue increased 25.8% on an annual basis to 1.31 billion pesos from 1.04 billion pesos, and total operating expenses increased 26.2% on an annual basis to 1.37 billion pesos from 1.08 billion pesos.

Reported net income totaled a loss of 132.3 million pesos, or a loss of 1.20 pesos per share, compared to a loss of 102.2 million pesos, or a loss of 2.80 pesos per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 6.81 pesos per share, compared with a loss of 2.17 pesos per share in the prior year.

Normalized net income was a loss of 374.5 million pesos, compared with a loss of 79.2 million pesos in the prior year.

Full-year total revenue increased 37.8% year over year to 5.06 billion pesos from 3.67 billion pesos, and total operating expenses increased 40.9% on an annual basis to 5.24 billion pesos from 3.72 billion pesos.

The company said reported net income came to a loss of 463.1 million pesos, or a loss of 8.42 pesos per share, in the full year, compared with a loss of 113.7 million pesos, or a loss of 3.12 pesos per share, the prior year.

As of March 13, US$1 was equivalent to 15.50 Argentine pesos.