Grupo Pochteca S.A.B. de C.V. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, sales were MXN 1,543 million against MXN 1,494 million a year ago. Operating profit was MXN 23 million against MXN 60 million a year ago. EBITDA was MXN 56 million against MXN 87 million a year ago. Loss before tax was MXN 6 million against income of MXN 19 million a year ago. Net income was MXN 5 million against MXN 19 million a year ago. Net debt as at June 30, 2016 was MXN 629 million, MXN 31 million or 5% more than at the end of second quarter of 2015. Some of the factors that undercut second quarter 2016 results were the extent to which results in Brazil proved to be much weaker than anticipated as well as some non-recurring expenses incurred including those related to a problem of labor fraud in Cancun and to severance payments related to an expense reduction plan that have implemented.
For six months, sales were MXN 3,026 million against MXN 2,966 million a year ago. Operating profit was MXN 70 million against MXN 114 million a year ago. EBITDA was MXN 133 million against MXN 168 million a year ago. Income before tax was MXN 35 million against MXN 30 million a year ago. Net income was MXN 35 million against MXN 25 million a year ago.
The environment faced through the first six months of 2016 has proven to be much more complicated than had expected, principally in Brazil. This fact has been reflected in the results have reported between January and June of 2016. For this reason, the company is modifying guidance for 2016 as: Sales of MXN 6.10 billion, practically in line with those of 2015, EBITDA of MXN 309 million, negative 9% below that of 2015 and EBITDA margin of 5.1%, negative 50bp weaker than in 2015.