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Creditex Q2 profit falls YOY

Creditex SAA said its second-quarter normalized net income amounted to 596,880 soles, a decline of 83.7% from 3.7 million soles in the year-earlier period.

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

The normalized profit margin dropped to 1.1% from 5.6% in the year-earlier period.

Total revenue decreased 15.0% on an annual basis to 55.7 million soles from 65.5 million soles, and total operating expenses declined 7.9% on an annual basis to 55.3 million soles from 60.1 million soles.

Reported net income came to 637,000 soles, compared with 4.0 million soles in the year-earlier period.

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