Grimoldi SA said its third-quarter normalized net income was 97 Argentine centavos per share, an increase from 34 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 42.8 million pesos, an increase from 15.1 million pesos in the prior-year period.

The normalized profit margin increased to 6.8% from 3.6% in the year-earlier period.

Total revenue grew 56.2% year over year to 644.7 million pesos from 412.8 million pesos, and total operating expenses grew 49.3% from the prior-year period to 529.8 million pesos from 354.8 million pesos.

Reported net income increased on an annual basis to 44.3 million pesos, or 1.00 pesos per share, from 15.6 million pesos, or 35 centavos per share.

As of Nov. 10, US$1 was equivalent to 9.59 Argentine pesos.