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SMU SA Q1 loss narrows YOY

SMU SA said its first-quarter normalized net income came to a loss of 1.95 Chilean pesos per share, compared with a loss of 5.59 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 7.12 billion pesos, compared with a loss of 20.37 billion pesos in the prior-year period.

The normalized profit margin climbed to negative 1.2% from negative 4.3% in the year-earlier period.

Total revenue grew 6.4% year over year to 506.72 billion pesos from 476.11 billion pesos, and total operating expenses rose year over year to 494.68 billion pesos from 475.12 billion pesos.

Reported net income totaled a loss of 9.91 billion pesos, or a loss of 2.72 pesos per share, compared to a loss of 23.05 billion pesos, or a loss of 6.32 pesos per share, in the prior-year period.

As of April 30, US$1 was equivalent to 611.50 Chilean pesos.