Inversiones La Construcción SA, or ILC, posted net profit of 23.40 billion Chilean pesos for the fourth quarter of 2017, slightly down from 23.80 billion pesos earned in the year-ago period.

Operating income was up 29.3% to 32.94 billion pesos, from 25.48 billion pesos in the fourth quarter of 2016.

Net noninsurance activity profit was 10.74 billion pesos in the quarter, down from 11.09 billion pesos a year earlier, while insurance activity profit was 11.37 billion pesos, down from 11.52 billion pesos. Under insurance activity, net premiums income was up 20.0% year over year to 121.42 billion pesos, from 101.21 billion pesos.

Banking activity had a net profit of 4.01 billion pesos, sharply up from 2.57 billion pesos in the year-ago period.

ILC noted that it recorded a loss of 2.46 billion pesos in its nonoperating income in the quarter, compared to a profit of 2.93 billion pesos a year earlier. This was mainly attributed to lower hedging results, and company units Confuturo and Corpseguros seeing a negative effect on the unidad de fomento and the consumer price index.

Return on equity for the fourth quarter improved to 18.3% in the period, from 12.1% a year earlier.

ILC's full-year 2017 net result was 129.38 billion pesos, sharply up 79.9% from the 71.91 billion pesos recorded in 2016.

As of March 26, US$1 was equivalent to 605.32 Chilean pesos.