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Austral Group swings to loss in Q1

Austral Group SAA said its first-quarter normalized net income came to 16.0 million soles, compared with income of 12.3 million soles in the prior-year period.

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

The normalized profit margin dropped to negative 27.3% from 8.1% in the year-earlier period.

Total revenue declined 61.5% year over year to 58.6 million soles from 152.1 million soles, and total operating expenses declined 45.6% from the prior-year period to 70.2 million soles from 129.1 million soles.

Reported net income totaled a loss of 17.0 million soles, compared with income of 12.8 million soles in the year-earlier period.

As of May 15, US$1 was equivalent to 3.15 soles.