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Hortifrut Q2 profit climbs YOY

Hortifrut SA said its second-quarter normalized net income came to $3.7 million, a rise from $1.2 million in the prior-year period.

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

The normalized profit margin climbed to 5.6% from 2.3% in the year-earlier period.

Total revenue grew 26.2% on an annual basis to $65.8 million from $52.2 million, and total operating expenses increased 26.9% on an annual basis to $58.1 million from $45.8 million.

Reported net income increased on an annual basis to $5.3 million, or 1 cents per share, from $473,000, or 0 cents per share.