Club Hipico de Santiago S.A. said its normalized net income for the fourth quarter came to 118.2 million pesos, a decline of 61.9% from 310.3 million pesos in the prior-year period.

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

The normalized profit margin fell to 3.5% from 10.0% in the year-earlier period.

Total revenue rose 8.3% on an annual basis to 3.38 billion pesos from 3.12 billion pesos, and total operating expenses rose 22.3% from the prior-year period to 3.26 billion pesos from 2.67 billion pesos.

Reported net income came to 169.7 million pesos, compared with 464.8 million pesos in the prior-year period.

For the year, the company's normalized net income totaled 603.9 million pesos, a fall of 12.1% from 686.7 million pesos in the prior year.

Full-year total revenue increased 7.5% on an annual basis to 11.79 billion pesos from 10.97 billion pesos, and total operating expenses grew 8.9% on an annual basis to 10.98 billion pesos from 10.08 billion pesos.

The company said reported net income came to 802.5 million pesos in the full year, compared with 1.01 billion pesos in the prior year.

As of March 29, US$1 was equivalent to 678.43 Chilean pesos.