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Inversiones Venecia Q3 profit climbs YOY

Inversiones Venecia S.A. said its normalized net income for the third quarter amounted to 11.22 Colombian pesos per share, a gain from 4.85 pesos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 701.1 million pesos, a gain from 302.9 million pesos in the year-earlier period.

The normalized profit margin fell to 30.4% from 35.1% in the year-earlier period.

Total revenue climbed on an annual basis to 2.31 billion pesos from 861.9 million pesos, and total operating expenses grew 99.5% on an annual basis to 1.39 billion pesos from 695.2 million pesos.

Reported net income increased 87.8% on an annual basis to 900.7 million pesos, or 14.41 pesos per share, from 479.5 million pesos, or 7.67 pesos per share.

As of Nov. 11, US$1 was equivalent to 3,117.70 Colombian pesos.