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Urbi Desarrollos Urbanos Q3 loss narrows YOY

Urbi Desarrollos Urbanos S.A.B. de C.V. said its normalized net income for the third quarter was a loss of 246.41 Mexican pesos per share, compared with a loss of 863.94 pesos 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 241.3 million pesos, compared with a loss of 845.8 million pesos in the prior-year period.

Total revenue declined 85.9% year over year to 60.0 million pesos from 425.7 million pesos, and total operating expenses decreased 26.6% year over year to 459.2 million pesos from 625.2 million pesos.

Reported net income totaled a loss of 382.0 million pesos, or a loss of 390.00 pesos per share, compared to a loss of 1.26 billion pesos, or a loss of 1,290.00 pesos per share, in the prior-year period.

As of Feb. 24, US$1 was equivalent to 18.29 Mexican pesos.