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TGLT SA Q2 profit climbs 9.4% YOY

TGLT SA said its normalized net income for the second quarter was 7 Argentine centavos per share, an increase of 14.7% from 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 5.3 million pesos, an increase of 9.4% from 4.8 million pesos in the prior-year period.

The normalized profit margin rose to 2.7% from 2.6% in the year-earlier period.

Total revenue increased 23.6% on an annual basis to 231.2 million pesos from 187.1 million pesos, and total operating expenses increased 21.2% year over year to 206.0 million pesos from 169.9 million pesos.

Reported net income fell 98.4% on an annual basis to 70,350 pesos, or 0 centavos per share, from 4.4 million pesos, or 6 centavos per share.

As of Aug. 10, US$1 was equivalent to 9.22 Argentine pesos.