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Grupo Posadas Q1 profit climbs YOY

Grupo Posadas S.A.B. de C.V. said its normalized net income for the first quarter was 26 Mexican centavos per share, a gain from 4 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 128.9 million pesos, a gain from 20.1 million pesos in the prior-year period.

The normalized profit margin climbed to 6.3% from 1.2% in the year-earlier period.

Total revenue grew 17.0% on an annual basis to 2.05 billion pesos from 1.75 billion pesos, and total operating expenses climbed 12.4% from the prior-year period to 1.68 billion pesos from 1.49 billion pesos.

Reported net income came to 199.8 million pesos, or 40 centavos per share, compared to a loss of 45.7 million pesos, or a loss of 9 centavos per share, in the prior-year period.

As of April 21, US$1 was equivalent to 17.41 Mexican pesos.