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Empresas Copec Q1 profit climbs 30.8% YOY


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Empresas Copec Q1 profit climbs 30.8% YOY

Empresas Copec SA said its normalized net income for the first quarter came to 11 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

EPS rose 30.8% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $145.0 million, an increase of 30.8% from $110.9 million in the prior-year period.

The normalized profit margin climbed to 3.0% from 2.9% in the year-earlier period.

Total revenue grew 28.3% on an annual basis to $4.88 billion from $3.80 billion, and total operating expenses grew 28.6% on an annual basis to $4.58 billion from $3.56 billion.

Reported net income fell 63.0% on an annual basis to $49.1 million, or 4 cents per share, from $132.5 million, or 10 cents per share.