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Pesquera Exalmar swings to loss in Q1

Pesquera Exalmar SAA said its first-quarter normalized net income amounted to a loss of 2 cents per share, compared with 4 cents 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 $5.0 million, compared with income of $10.9 million in the prior-year period.

The normalized profit margin fell to negative 26.6% from 12.6% in the year-earlier period.

Total revenue fell 78.2% on an annual basis to $19.0 million from $87.0 million, and total operating expenses decreased 64.7% from the prior-year period to $23.0 million from $65.1 million.

Reported net income came to a loss of $4.4 million, or a loss of 2 cents per share, compared to income of $12.6 million, or 4 cents per share, in the prior-year period.