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Inversiones Equipos Y Servicios swings to profit in Q3

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Inversiones Equipos Y Servicios swings to profit in Q3

Inversiones Equipos Y Servicios S.A. said its normalized net income for the third quarter amounted to 12.35 Colombian pesos per share, compared with a loss of 7 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 1.23 billion pesos, compared with a loss of 6.6 million pesos in the prior-year period.

The normalized profit margin climbed to 27.3% from negative 0.4% in the year-earlier period.

Total revenue grew on an annual basis to 4.52 billion pesos from 1.70 billion pesos, and total operating expenses climbed 45.1% on an annual basis to 2.65 billion pesos from 1.83 billion pesos.

Reported net income totaled 1.51 billion pesos, or 15.05 pesos per share, compared to a loss of 121.7 million pesos, or a loss of 1.22 pesos per share, in the prior-year period.

As of Nov. 22, US$1 was equivalent to 3,135.01 Colombian pesos.