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Agroindustrial Laredo swings to profit in Q2

Agroindustrial Laredo S.A.A. said its second-quarter normalized net income was 36 Peruvian céntimos per share, compared with a loss of 35 céntimos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.1 million soles, compared with a loss of 4.0 million soles in the prior-year period.

The normalized profit margin rose to 5.6% from negative 7.5% in the year-earlier period.

Total revenue rose 36.9% on an annual basis to 73.7 million soles from 53.8 million soles, and total operating expenses increased 17.1% on an annual basis to 65.2 million soles from 55.7 million soles.

Reported net income came to 5.5 million soles, or 47 céntimos per share, compared to a loss of 5.6 million soles, or a loss of 49 céntimos per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to 3.32 soles.