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Pesquera Exalmar Q3 loss widens YOY

Pesquera Exalmar SAA said its normalized net income for the third quarter was a loss of $7.9 million, compared with a loss of $972,500 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 19.2% from negative 1.5% in the year-earlier period.

Total revenue declined 35.2% on an annual basis to $41.3 million from $63.6 million, and total operating expenses fell 24.8% on an annual basis to $44.6 million from $59.4 million.

Reported net income came to a loss of $3.7 million, or a loss of 1 cents per share, compared to income of $7.5 million, or 3 cents per share, in the year-earlier period.