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Nemak Q1 profit climbs 7.6% YOY

Nemak SAB de CV said its first-quarter normalized net income amounted to 36 Mexican centavos per share, a gain of 7.1% from 34 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 903.7 million pesos, an increase of 7.6% from 840.1 million pesos in the year-earlier period.

The normalized profit margin rose to 5.4% from 5.3% in the year-earlier period.

Total revenue grew 9.3% year over year to 17.44 billion pesos from 15.95 billion pesos, and total operating expenses increased 8.5% on an annual basis to 15.59 billion pesos from 14.37 billion pesos.

Reported net income increased 10.9% year over year to 1.02 billion pesos, or 41 centavos per share, from 921.9 million pesos, or 37 centavos per share.

As of April 24, US$1 was equivalent to 15.38 Mexican pesos.