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Corpovael Q1 profit climbs 38.5% YOY

Corpovael SAB de CV said its first-quarter normalized net income came to 29 Mexican centavos per share, a decrease of 54.3% from 63 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 99.3 million pesos, a gain of 38.5% from 71.7 million pesos in the prior-year period.

The normalized profit margin increased to 11.3% from 8.4% in the year-earlier period.

Total revenue rose on an annual basis to 878.0 million pesos from 851.2 million pesos, and total operating expenses came to 723.3 million pesos, compared with 728.0 million pesos in the year-earlier period.

Reported net income increased 40.8% year over year to 114.1 million pesos, or 33 centavos per share, from 81.0 million pesos, or 71 centavos per share.

As of April 18, US$1 was equivalent to 17.48 Mexican pesos.