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Companias CIC swings to loss in Q1

Companias CIC SA said its first-quarter normalized net income was a loss of 3 Chilean centavos per share, compared with 24 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 33.0 million pesos, compared with income of 282.4 million pesos in the prior-year period.

The normalized profit margin declined to negative 0.2% from 2.2% in the year-earlier period.

Total revenue increased 5.0% year over year to 13.65 billion pesos from 13.01 billion pesos, and total operating expenses climbed 8.8% from the prior-year period to 13.31 billion pesos from 12.24 billion pesos.

Reported net income fell 97.8% from the prior-year period to 11.8 million pesos, or 1 centavo per share, from 531.6 million pesos, or 45 centavos per share.

As of May 21, US$1 was equivalent to 604.00 Chilean pesos.