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Creditex Q1 profit falls YOY

Creditex SAA said its first-quarter normalized net income came to 1.8 million soles, a fall of 25.5% from 2.5 million soles in the year-earlier period.

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

The normalized profit margin fell to 3.2% from 3.9% in the year-earlier period.

Total revenue decreased 8.6% on an annual basis to 57.6 million soles from 63.0 million soles, and total operating expenses decreased 6.6% from the prior-year period to 54.5 million soles from 58.3 million soles.

Reported net income totaled 3.3 million soles, compared with 3.5 million soles in the year-earlier period.

As of May 15, US$1 was equivalent to 3.15 soles.