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Grupo Vasconia Q2 profit climbs YOY

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Grupo Vasconia Q2 profit climbs YOY

Grupo Vasconia SAB said its second-quarter normalized net income came to 30 Mexican centavos per share, a gain from 12 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 26.1 million pesos, a gain from 10.3 million pesos in the year-earlier period.

The normalized profit margin climbed to 3.4% from 1.7% in the year-earlier period.

Total revenue increased 23.1% on an annual basis to 760.5 million pesos from 617.8 million pesos, and total operating expenses climbed 19.9% year over year to 710.8 million pesos from 593.0 million pesos.

Reported net income increased from the prior-year period to 29.6 million pesos, or 34 centavos per share, from 12.5 million pesos, or 14 centavos per share.

As of July 27, US$1 was equivalent to 16.27 Mexican pesos.