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Ledesma swings to loss in fiscal Q3

Ledesma SA AI said its normalized net income for the fiscal third quarter ended Feb. 28 was a loss of 28 Argentine centavos per share, compared with 4 centavos 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 112.0 million pesos, compared with income of 16.1 million pesos in the prior-year period.

The normalized profit margin fell to negative 8.0% from 1.4% in the year-earlier period.

Total revenue increased 23.4% on an annual basis to 1.41 billion pesos from 1.14 billion pesos, and total operating expenses climbed 38.3% year over year to 1.42 billion pesos from 1.03 billion pesos.

Reported net income came to a loss of 12.0 million pesos, or a loss of 3 centavos per share, compared to income of 60.9 million pesos, or 14 centavos per share, in the year-earlier period.

As of April 10, US$1 was equivalent to 8.85 Argentine pesos.