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ILC Q4'17 profit slides as nonoperating income, insurance results dip

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ILC Q4'17 profit slides as nonoperating income, insurance results dip

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.