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Agroindustrial Laredo swings to loss in Q2

Agroindustrial Laredo SAA said its normalized net income for the second quarter was a loss of 35 Peruvian céntimos per share, compared with 78 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 a loss of 4.0 million soles, compared with income of 9.0 million soles in the prior-year period.

The normalized profit margin fell to negative 7.5% from 12.9% in the year-earlier period.

Total revenue declined 23.4% on an annual basis to 53.8 million soles from 70.3 million soles, and total operating expenses grew year over year to 55.7 million soles from 54.5 million soles.

Reported net income totaled a loss of 5.6 million soles, or a loss of 49 céntimos per share, compared to income of 11.2 million soles, or 97 céntimos per share, in the year-earlier period.

As of July 30, US$1 was equivalent to 3.18 soles.