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EFFECTS OF ARGENTINA HYPERINFLATIONARY ACCOUNTING ON Q4 AND FULL YEAR 2023 RESULTS | ||
By: PR Newswire Association LLC. - 16 Feb 2024 | Back to overview list |
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"In a nutshell, due to the abrupt devaluation of the Argentine peso in late December, accounting rules required us to record a non-cash negative impact on our 4Q23 and full year 2023 earnings. But excluding this extraordinary accounting effect, our core business is solid with good prospects. We present this information proactively and transparently so investors understand this is an isolated event, not indicative of operating issues. We remain committed to delivering value for our shareholders with a strong and growing business." MEXICO CITY, Feb. 15, 2024 /PRNewswire/ -- Genomma Lab Internacional, S.A.B. de C.V. (BMV: LABB) ("Genomma Lab" or "the Company"), one of the leading pharmaceutical and personal care product companies in Mexico with an expanding international presence, provides a preliminary overview of 2023 full year performance relative to hyperinflationary accounting for its Argentina subsidiary. The significant devaluation of the Argentine peso on December 13, 2023 resulted in an extraordinary non-cash accounting impact on Genomma Lab's 2023 fourth quarter and financial year results, also adversely affecting the Company's 2023 net income. Genomma provides relevant preliminary financial results for the fourth quarter and full year ended December 31, 2023 on its investor relations site. For a full version of this press release, please visit: https://inversionistas.genommalab.com/wp-content/uploads/2024/02/Argentina-Hyperinflation-Q4_2023_FINAL.pdf About Genomma Lab Internacional Genomma Lab Internacional, S.A.B. de C.V. is one of the fastest growing pharmaceutical and personal care products companies in Latin America. Genomma Lab develops, sells and markets a broad range of Premium branded products, many of which are leaders in the categories in which they compete in terms of sales and market share. The Company has a sound business model through a unique combination of a new product development process, consumer oriented marketing, a broad retail distribution network and a low?cost, highly flexible supply chain operating model. For more information visit: www.genommalab.com Genomma Lab's shares are listed on the Mexican Stock Exchange under the ticker "LABB" (Bloomberg: LABB:MM). Note on Forward-Looking Statements View original content:https://www.prnewswire.com/news-releases/effects-of-argentina-hyperinflationary-accounting-on-q4-and-full-year-2023-results-302063608.html SOURCE Genomma Lab Internacional, S.A.B. de C.V. |
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