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Inversiones Agrí­colas y Comerciales Q1 profit climbs YOY

Inversiones Agrícolas y Comerciales SA said its normalized net income for the first quarter was 1.40 Chilean pesos per share, an increase from 68 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 405.8 million pesos, an increase from 198.4 million pesos in the year-earlier period.

The normalized profit margin increased to 5.6% from 4.9% in the year-earlier period.

Total revenue increased 79.3% on an annual basis to 7.26 billion pesos from 4.05 billion pesos, and total operating expenses grew 77.0% year over year to 6.41 billion pesos from 3.62 billion pesos.

Reported net income grew 41.8% year over year to 393.7 million pesos, or 1.35 pesos per share, from 277.7 million pesos, or 96 centavos per share.

As of May 29, US$1 was equivalent to 619.00 Chilean pesos.