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Morixe Hermanos fiscal Q2 loss narrows YOY

Morixe Hermanos SAC. e I. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, came to a loss of 18 Argentine centavos per share, compared with a loss of 51 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.7 million pesos, compared with a loss of 7.6 million pesos in the prior-year period.

The normalized profit margin climbed to negative 4.5% from negative 18.7% in the year-earlier period.

Total revenue climbed 48.3% on an annual basis to 60.7 million pesos from 40.9 million pesos, and total operating expenses rose 28.2% from the prior-year period to 59.9 million pesos from 46.7 million pesos.

Reported net income totaled a loss of 3.0 million pesos, or a loss of 20 centavos per share, compared to a loss of 8.1 million pesos, or a loss of 54 centavos per share, in the prior-year period.

As of Jan. 12, US$1 was equivalent to 8.59 Argentine pesos.