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Sare Holding Q2 loss narrows YOY

Sare Holding S.A.B. de C.V. said its normalized net income for the second quarter was a loss of 11.3 million pesos, compared with a loss of 13.0 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 climbed to negative 11.3% from negative 19.7% in the year-earlier period.

Total revenue increased 51.7% year over year to 100.1 million pesos from 66.0 million pesos, and total operating expenses climbed 48.3% from the prior-year period to 114.2 million pesos from 77.0 million pesos.

Reported net income totaled a loss of 13.0 million pesos, or a loss of 0 centavos per share, compared to a loss of 15.0 million pesos, or a loss of 0 centavos per share, in the year-earlier period.

As of Sept. 23, US$1 was equivalent to 19.71 Mexican pesos.