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Empresas Copec profit misses consensus by 36.5% in Q1

Empresas Copec SA said its normalized net income for the first quarter came to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

EPS declined 51.6% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $142.5 million, a decline of 51.6% from $294.1 million in the year-earlier period.

The normalized profit margin declined to 3.2% from 4.9% in the year-earlier period.

Total revenue decreased 22.0% on an annual basis to $4.69 billion from $6.02 billion, and total operating expenses decreased 22.7% on an annual basis to $4.38 billion from $5.67 billion.

Reported net income declined 55.4% from the prior-year period to $161.3 million, or 12 cents per share, from $361.4 million, or 28 cents per share.