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Grupo Posadas Q2 loss widens YOY

Grupo Posadas S.A.B. de C.V. said its normalized net income for the second quarter was a loss of 35 Mexican centavos per share, compared with a loss of 2 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 176.3 million pesos, compared with a loss of 9.7 million pesos in the prior-year period.

The normalized profit margin fell to negative 9.3% from negative 0.6% in the year-earlier period.

Total revenue grew 13.8% year over year to 1.90 billion pesos from 1.67 billion pesos, and total operating expenses increased 17.9% on an annual basis to 1.71 billion pesos from 1.45 billion pesos.

Reported net income came to a loss of 256.4 million pesos, or a loss of 52 centavos per share, compared to a loss of 32.8 million pesos, or a loss of 7 centavos per share, in the prior-year period.

As of July 29, US$1 was equivalent to 18.72 Mexican pesos.