Ipal SA said its normalized net income for the first quarter amounted to 17.44 Chilean pesos per share, a decrease of 46.3% from 32.51 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 191.7 million pesos, a decline of 46.2% from 356.5 million pesos in the year-earlier period.

The normalized profit margin declined to 2.1% from 4.8% in the year-earlier period.

Total revenue rose 22.2% year over year to 9.14 billion pesos from 7.48 billion pesos, and total operating expenses climbed 13.2% on an annual basis to 8.37 billion pesos from 7.40 billion pesos.

Reported net income fell 45.4% from the prior-year period to 215.3 million pesos, or 19.59 pesos per share, from 394.6 million pesos, or 35.99 pesos per share.

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