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Industria Textil Piura swings to loss in Q1

Industria Textil Piura SA said its normalized net income for the first quarter was a loss of 5 Peruvian céntimos per share, compared with 3 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 a loss of 3.7 million soles, compared with income of 2.2 million soles in the year-earlier period.

The normalized profit margin dropped to negative 16.2% from 8.4% in the year-earlier period.

Total revenue declined 11.7% year over year to 22.7 million soles from 25.8 million soles, and total operating expenses declined on an annual basis to 22.1 million soles from 23.0 million soles.

Reported net income totaled a loss of 4.1 million soles, or a loss of 6 céntimos per share, compared to income of 2.4 million soles, or 3 céntimos per share, in the prior-year period.

As of April 30, US$1 was equivalent to 3.13 soles.