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Empresas La Polar Q1 loss narrows YOY

Empresas La Polar SA said its normalized net income for the first quarter came to a loss of 4.77 Chilean pesos per share, compared with a loss of 6.36 pesos 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 5.09 billion pesos, compared with a loss of 6.35 billion pesos in the prior-year period.

The normalized profit margin rose to negative 6.0% from negative 6.9% in the year-earlier period.

Total revenue declined 7.5% year over year to 84.72 billion pesos from 91.64 billion pesos, and total operating expenses decreased 7.1% on an annual basis to 88.49 billion pesos from 95.29 billion pesos.

Reported net income came to a loss of 5.88 billion pesos, or a loss of 5.51 pesos per share, compared to a loss of 9.61 billion pesos, or a loss of 9.62 pesos per share, in the year-earlier period.

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