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Morixe Hermanos fiscal Q4 loss widens YOY

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Morixe Hermanos fiscal Q4 loss widens YOY

Morixe Hermanos SAC. e I. said its normalized net income for the fiscal fourth quarter ended May 31 came to a loss of 63 Argentine centavos per share, compared with a loss of 17 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 a loss of 9.5 million pesos, compared with a loss of 2.6 million pesos in the year-earlier period.

The normalized profit margin declined to negative 29.6% from negative 3.9% in the year-earlier period.

Total revenue declined 51.7% year over year to 32.2 million pesos from 66.7 million pesos, and total operating expenses decreased 41.8% year over year to 39.7 million pesos from 68.3 million pesos.

Reported net income came to a loss of 10.6 million pesos, or a loss of 71 centavos per share, compared to a loss of 2.9 million pesos, or a loss of 20 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 1.80 pesos per share, compared with a loss of 1.54 pesos per share in the prior year.

Normalized net income was a loss of 27.0 million pesos, compared with a loss of 23.2 million pesos in the prior year.

Full-year total revenue decreased 7.8% on an annual basis to 201.2 million pesos from 218.2 million pesos, and total operating expenses decreased on an annual basis to 218.9 million pesos from 224.2 million pesos.

The company said reported net income came to a loss of 29.5 million pesos, or a loss of 1.97 pesos per share, in the full year, compared with a loss of 24.8 million pesos, or a loss of 1.65 pesos per share, the prior year.

As of Aug. 10, US$1 was equivalent to 9.22 Argentine pesos.