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Cruzados SADP Q1 loss narrows YOY

Cruzados SADP said its normalized net income for the first quarter was a loss of 4.88 Chilean pesos per share, compared with a loss of 6.65 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 a loss of 324.5 million pesos, compared with a loss of 332.3 million pesos in the year-earlier period.

The normalized profit margin dropped to negative 17.0% from negative 16.1% in the year-earlier period.

Total revenue decreased 7.6% on an annual basis to 1.91 billion pesos from 2.06 billion pesos, and total operating expenses declined on an annual basis to 2.47 billion pesos from 2.60 billion pesos.

Reported net income came to a loss of 266.9 million pesos, or a loss of 4.02 pesos per share, compared to a loss of 687.2 million pesos, or a loss of 13.74 pesos per share, in the year-earlier period.

As of May 30, US$1 was equivalent to 688.21 Chilean pesos.