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Empresa Agrí­cola Sintuco swings to profit in Q2

Empresa Agrícola Sintuco S.A. said its normalized net income for the second quarter came to 7 Peruvian céntimos per share, compared with a loss of 17 céntimos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 241,250 soles, compared with a loss of 593,750 soles in the year-earlier period.

The normalized profit margin rose to 34.1% from negative 39.5% in the year-earlier period.

Total revenue rose 22.4% on an annual basis to 1.8 million soles from 1.5 million soles, and total operating expenses fell 40.8% on an annual basis to 1.5 million soles from 2.6 million soles.

Reported net income came to 343,000 soles, or 10 céntimos per share, compared to a loss of 655,000 soles, or a loss of 19 céntimos per share, in the prior-year period.

As of July 27, US$1 was equivalent to 3.36 soles.