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Companias CIC swings to profit in Q4

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Companias CIC swings to profit in Q4

Companias CIC SA said its fourth-quarter normalized net income amounted to 13 Chilean centavos per share, compared with a loss of 41 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 153.6 million pesos, compared with a loss of 488.1 million pesos in the year-earlier period.

The normalized profit margin increased to 1.1% from negative 3.5% in the year-earlier period.

Total revenue rose year over year to 14.77 billion pesos from 14.09 billion pesos, and total operating expenses fell on an annual basis to 14.41 billion pesos from 14.56 billion pesos.

Reported net income came to 354.4 million pesos, or 30 centavos per share, compared to a loss of 543.5 million pesos, or a loss of 46 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 48 centavos per share, compared with a loss of 36 centavos per share in the prior year.

Normalized net income was 569.1 million pesos, compared with a loss of 430.8 million pesos in the prior year.

Full-year total revenue increased from the prior-year period to 56.73 billion pesos from 54.77 billion pesos, and total operating expenses came to 55.21 billion pesos, compared with 54.67 billion pesos in the year-earlier period.

The company said reported net income totaled 1.23 billion pesos, or 1.04 pesos per share, in the full year, compared with a loss of 153.6 million pesos, or a loss of 13 centavos per share, the prior year.

As of March 9, US$1 was equivalent to 680.10 Chilean pesos.