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Ledesma swings to profit in fiscal Q1

Ledesma SA AI said its normalized net income for the fiscal first quarter ended Aug. 31 came to 29.3 million pesos, compared with a loss of 2.5 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.1% from negative 0.2% in the year-earlier period.

Total revenue grew 23.0% on an annual basis to 1.32 billion pesos from 1.07 billion pesos, and total operating expenses rose 11.1% on an annual basis to 1.13 billion pesos from 1.02 billion pesos.

Reported net income grew from the prior-year period to 26.4 million pesos, or 6 centavos per share, from 8.8 million pesos, or 2 centavos per share.

As of Oct. 10, US$1 was equivalent to 8.47 Argentine pesos.