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Empresas Cabo de Hornos Q4 loss narrows YOY

Empresas Cabo de Hornos SA said its fourth-quarter normalized net income amounted to a loss of 1 Chilean centavos per share, compared with a loss of 24 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.2 million pesos, compared with a loss of 247.3 million pesos in the year-earlier period.

Total revenue grew 91.7% year over year to 30.7 million pesos from 16.0 million pesos, and total operating expenses decreased 67.5% year over year to 91.7 million pesos from 282.4 million pesos.

Reported net income totaled a loss of 62.1 million pesos, or a loss of 6 centavos per share, compared to a loss of 1.26 billion pesos, or a loss of 1.25 pesos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 49 centavos per share, compared with a loss of 95 centavos per share in the prior year.

Normalized net income was a loss of 500.9 million pesos, compared with a loss of 959.4 million pesos in the prior year.

Full-year total revenue decreased 85.9% year over year to 74.5 million pesos from 529.5 million pesos, and total operating expenses decreased 71.6% on an annual basis to 393.4 million pesos from 1.39 billion pesos.

The company said reported net income came to a loss of 803.3 million pesos, or a loss of 80 centavos per share, in the full year, compared with a loss of 1.50 billion pesos, or a loss of 1.48 pesos per share, the prior year.

As of March 30, US$1 was equivalent to 680.11 Chilean pesos.