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Companias CIC Q3 loss narrows YOY

Companias CIC SA said its third-quarter normalized net income amounted to a loss of 7 Chilean centavos per share, compared with a loss of 22 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 a loss of 87.7 million pesos, compared with a loss of 261.5 million pesos in the year-earlier period.

The normalized profit margin rose to negative 0.7% from negative 1.9% in the year-earlier period.

Total revenue declined 5.7% on an annual basis to 12.96 billion pesos from 13.75 billion pesos, and total operating expenses decreased 8.5% year over year to 12.93 billion pesos from 14.13 billion pesos.

Reported net income came to 70.9 million pesos, or 6 centavos per share, compared to a loss of 342.6 million pesos, or a loss of 29 centavos per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to 700.15 Chilean pesos.