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Sociedad Hipodromo Chile swings to profit in Q1

Sociedad Hipodromo Chile SA said its first-quarter normalized net income amounted to 3,182.40 Chilean pesos per share, compared with a loss of 868.51 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 219.8 million pesos, compared with a loss of 60.1 million pesos in the year-earlier period.

The normalized profit margin increased to 8.7% from negative 3.6% in the year-earlier period.

Total revenue climbed 37.5% year over year to 2.30 billion pesos from 1.68 billion pesos, and total operating expenses rose 10.4% on an annual basis to 2.03 billion pesos from 1.84 billion pesos.

Reported net income totaled 272.6 million pesos, or 3,946.19 pesos per share, compared to a loss of 128.8 million pesos, or a loss of 1,860.01 pesos per share, in the year-earlier period.

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