Valparaíso Sporting Club S.A. said its first-quarter normalized net income amounted to 2.2 million pesos, compared with income of 42.7 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.6% from 2.4% in the year-earlier period.

Total revenue increased 6.3% on an annual basis to 1.92 billion pesos from 1.81 billion pesos, and total operating expenses rose 8.4% on an annual basis to 1.92 billion pesos from 1.77 billion pesos.

Reported net income came to a loss of 30.3 million pesos, compared with income of 96.3 million pesos in the year-earlier period.

As of May 31, US$1 was equivalent to 687.64 Chilean pesos.