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Grupo Posadas Q3 loss narrows YOY

Grupo Posadas S.A.B. de C.V. said its third-quarter normalized net income amounted to a loss of 22 Mexican centavos per share, compared with a loss of 52 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 108.1 million pesos, compared with a loss of 183.3 million pesos in the prior-year period.

The normalized profit margin climbed to negative 5.2% from negative 10.3% in the year-earlier period.

Total revenue rose 18.5% year over year to 2.10 billion pesos from 1.77 billion pesos, and total operating expenses climbed 17.3% from the prior-year period to 1.77 billion pesos from 1.51 billion pesos.

Reported net income totaled a loss of 127.6 million pesos, or a loss of 26 centavos per share, compared to a loss of 349.8 million pesos, or a loss of 1 peso per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 18.73 Mexican pesos.