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Empresas Cabo de Hornos Q1 loss narrows YOY

Empresas Cabo de Hornos SA said its normalized net income for the first quarter came to a loss of 13 Chilean centavos per share, compared with a loss of 27 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 135.1 million pesos, compared with a loss of 275.2 million pesos in the prior-year period.

Total revenue declined 97.1% year over year to 13.9 million pesos from 474.6 million pesos, and total operating expenses decreased 84.6% on an annual basis to 115.7 million pesos from 752.4 million pesos.

Reported net income totaled a loss of 196.1 million pesos, or a loss of 19 centavos per share, compared to a loss of 468.1 million pesos, or a loss of 46 centavos per share, in the year-earlier period.

As of May 29, US$1 was equivalent to 619.00 Chilean pesos.