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Empresas Hites Q4 profit climbs 8.9% YOY

Empresas Hites SA said its fourth-quarter normalized net income amounted to 13.44 Chilean pesos per share, an increase of 8.9% from 12.35 pesos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.07 billion pesos, an increase of 8.9% from 4.66 billion pesos in the year-earlier period.

The normalized profit margin rose to 5.9% from 5.5% in the year-earlier period.

Total revenue climbed year over year to 86.01 billion pesos from 84.47 billion pesos, and total operating expenses increased on an annual basis to 75.63 billion pesos from 74.71 billion pesos.

Reported net income rose on an annual basis to 6.96 billion pesos, or 18.45 pesos per share, from 6.85 billion pesos, or 18.16 pesos per share.

For the year, the company's normalized net income totaled 26.87 pesos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29.30 pesos.

EPS rose 11.9% from 24.01 pesos in the prior year.

Normalized net income was 10.13 billion pesos, an increase of 11.9% from 9.05 billion pesos in the prior year.

Full-year total revenue grew from the prior-year period to 280.35 billion pesos from 275.08 billion pesos, and total operating expenses increased on an annual basis to 255.70 billion pesos from 252.07 billion pesos.

The company said reported net income grew on an annual basis to 13.03 billion pesos, or 34.54 pesos per share, in the full year, from 12.46 billion pesos, or 33.04 pesos per share.

As of March 10, US$1 was equivalent to 676.92 Chilean pesos.