Hilasal Mexicana S.A.B. de C.V. said its first-quarter normalized net income amounted to a loss of 7 Mexican centavos per share, compared with a loss of 2 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 9.3 million pesos, compared with a loss of 5.2 million pesos in the prior-year period.

The normalized profit margin dropped to negative 10.3% from negative 6.1% in the year-earlier period.

Total revenue increased on an annual basis to 89.6 million pesos from 86.6 million pesos, and total operating expenses rose 8.9% on an annual basis to 97.7 million pesos from 89.7 million pesos.

Reported net income totaled a loss of 11.3 million pesos, or a loss of 9 centavos per share, compared to a loss of 7.3 million pesos, or a loss of 3 centavos per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 18.47 Mexican pesos.