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Quickfood Sociedad Anonima swings to profit in Q2

Quickfood Sociedad Anonima said its second-quarter normalized net income came to 27 Argentine centavos per share, compared with a loss of 8 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.9 million pesos, compared with a loss of 2.7 million pesos in the year-earlier period.

The normalized profit margin increased to 1.1% from negative 0.4% in the year-earlier period.

Total revenue grew 23.1% on an annual basis to 891.4 million pesos from 724.4 million pesos, and total operating expenses increased 19.8% on an annual basis to 858.8 million pesos from 716.9 million pesos.

Reported net income totaled 9.4 million pesos, or 26 centavos per share, compared to a loss of 46.8 million pesos, or a loss of 1.28 pesos per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 9.21 Argentine pesos.