Watt's SA said its normalized net income for the first quarter amounted to 11.95 Chilean pesos per share, a decline of 17.5% from 14.48 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.77 billion pesos, a decrease of 17.5% from 4.56 billion pesos in the year-earlier period.

The normalized profit margin fell to 4.4% from 5.9% in the year-earlier period.

Total revenue grew 10.5% on an annual basis to 85.85 billion pesos from 77.70 billion pesos, and total operating expenses climbed 13.8% year over year to 78.52 billion pesos from 69.00 billion pesos.

Reported net income fell 28.2% year over year to 4.35 billion pesos, or 13.79 pesos per share, from 6.05 billion pesos, or 19.19 pesos per share.

As of May 21, US$1 was equivalent to 604.00 Chilean pesos.