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Cartavio swings to profit in Q3

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Cartavio swings to profit in Q3

Cartavio S.A.A. said its third-quarter normalized net income was 59 Peruvian céntimos per share, compared with a loss of 35 céntimos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.2 million soles, compared with a loss of 7.3 million soles in the prior-year period.

The normalized profit margin increased to 21.6% from negative 11.0% in the year-earlier period.

Total revenue climbed 48.5% on an annual basis to 98.7 million soles from 66.5 million soles, and total operating expenses climbed from the prior-year period to 79.1 million soles from 76.5 million soles.

Reported net income increased 19.2% from the prior-year period to 16.2 million soles, or 78 céntimos per share, from 13.6 million soles, or 66 céntimos per share.

As of Oct. 31, US$1 was equivalent to 3.36 soles.