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Sociedad Hipodromo Chile swings to profit in Q4

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Sociedad Hipodromo Chile swings to profit in Q4

Sociedad Hipodromo Chile S.A. said its fourth-quarter normalized net income was 1,311.63 Chilean pesos per share, compared with a loss of 29.33 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 90.6 million pesos, compared with a loss of 2.0 million pesos in the prior-year period.

The normalized profit margin increased to 3.8% from negative 0.1% in the year-earlier period.

Total revenue climbed 13.8% year over year to 2.39 billion pesos from 2.10 billion pesos, and total operating expenses climbed 10.4% from the prior-year period to 2.51 billion pesos from 2.28 billion pesos.

Reported net income increased 73.9% on an annual basis to 116.0 million pesos, or 1,679.11 pesos per share, from 66.7 million pesos, or 965.69 pesos per share.

For the year, the company's normalized net income totaled 5,726.44 pesos per share, an increase of 41.6% from 4,043.65 pesos per share in the prior year.

Normalized net income was 395.5 million pesos, an increase of 41.6% from 279.3 million pesos in the prior year.

Full-year total revenue rose 13.3% from the prior-year period to 9.11 billion pesos from 8.04 billion pesos, and total operating expenses grew 11.6% year over year to 8.86 billion pesos from 7.94 billion pesos.

The company said reported net income decreased 7.4% year over year to 494.1 million pesos, or 7,153.48 pesos per share, in the full year, from 533.6 million pesos, or 7,724.83 pesos per share.

As of March 30, US$1 was equivalent to 680.11 Chilean pesos.