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Mirgor Q3 profit climbs YOY

Mirgor S.A.C.I.F.I.A. said its normalized net income for the third quarter amounted to 33 Argentine centavos per share, a gain from 7 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 60.0 million pesos, an increase from 11.7 million pesos in the prior-year period.

The normalized profit margin increased to 3.1% from 0.8% in the year-earlier period.

Total revenue grew 38.5% on an annual basis to 1.96 billion pesos from 1.42 billion pesos, and total operating expenses increased 31.2% on an annual basis to 1.79 billion pesos from 1.36 billion pesos.

Reported net income increased year over year to 94.9 million pesos, or 53 centavos per share, from 10.1 million pesos, or 6 centavos per share.

As of Nov. 11, US$1 was equivalent to 9.60 Argentine pesos.