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Morixe Hermanos fiscal Q3 loss widens 75.8% YOY

Morixe Hermanos SAC. e I. said its normalized net income for the fiscal third quarter ended Feb. 28 was a loss of 78 Argentine centavos per share, compared with a loss of 44 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 11.7 million pesos, compared with a loss of 6.7 million pesos in the year-earlier period.

The normalized profit margin declined to negative 40.9% from negative 11.5% in the year-earlier period.

Total revenue declined 40.6% year over year to 34.5 million pesos from 58.0 million pesos, and total operating expenses fell 5.7% from the prior-year period to 50.6 million pesos from 53.6 million pesos.

Reported net income totaled a loss of 14.9 million pesos, or a loss of 100 centavos per share, compared to a loss of 7.1 million pesos, or a loss of 47 centavos per share, in the prior-year period.

As of April 13, US$1 was equivalent to 8.85 Argentine pesos.