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Inversiones Agrí­colas y Comerciales Q3 profit climbs YOY

Inversiones Agrícolas y Comerciales SA said its third-quarter normalized net income was 1.03 Chilean pesos per share, an increase from 46 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 280.3 million pesos, a gain from 136.7 million pesos in the year-earlier period.

The normalized profit margin increased to 3.6% from 2.2% in the year-earlier period.

Total revenue grew 22.2% year over year to 7.75 billion pesos from 6.35 billion pesos, and total operating expenses climbed 20.0% on an annual basis to 7.19 billion pesos from 5.99 billion pesos.

Reported net income came to 162.7 million pesos, or 60 centavos per share, compared to a loss of 88.6 million pesos, or a loss of 30 centavos per share, in the year-earlier period.

As of Nov. 24, US$1 was equivalent to 710.25 Chilean pesos.