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RLH Properties swings to profit in Q1

RLH Properties S.A.B. de C.V. said its normalized net income for the first quarter was 4.2 million pesos, compared with a loss of 25.5 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 4.0% from negative 31.6% in the year-earlier period.

Total revenue increased 31.2% year over year to 105.8 million pesos from 80.6 million pesos, and total operating expenses climbed 22.4% on an annual basis to 91.2 million pesos from 74.5 million pesos.

Reported net income totaled 5.1 million pesos, or 1 centavos per share, compared to a loss of 23.3 million pesos, or a loss of 57 centavos per share, in the prior-year period.

As of April 29, US$1 was equivalent to 17.13 Mexican pesos.