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Universal Textil swings to loss in Q1

Compañía Universal Textil SA said its normalized net income for the first quarter was a loss of 280,000 soles, compared with income of 75,000 soles in the prior-year period.

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

The normalized profit margin fell to negative 1.0% from 0.2% in the year-earlier period.

Total revenue decreased on an annual basis to 29.2 million soles from 30.7 million soles, and total operating expenses declined from the prior-year period to 29.0 million soles from 29.9 million soles.

Reported net income came to a loss of 225,000 soles, or a loss of 0 céntimos per share, compared to income of 174,000 soles in the prior-year period.

As of May 2, US$1 was equivalent to 3.29 soles.