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Forus Q4 profit falls YOY

Forus S.A. said its fourth-quarter normalized net income amounted to 23.70 Chilean pesos per share, a decline of 15.2% from 27.96 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 6.25 billion pesos, a decline of 13.5% from 7.23 billion pesos in the year-earlier period.

The normalized profit margin dropped to 9.1% from 12.1% in the year-earlier period.

Total revenue grew on an annual basis to 61.76 billion pesos from 59.81 billion pesos, and total operating expenses rose 6.4% from the prior-year period to 52.24 billion pesos from 49.10 billion pesos.

Reported net income declined 15.2% from the prior-year period to 7.49 billion pesos, or 28.40 pesos per share, from 8.84 billion pesos, or 34.20 pesos per share.

For the year, the company's normalized net income totaled 83.61 pesos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 101.00 pesos.

EPS declined 19.5% from 103.84 pesos in the prior year.

Normalized net income was 21.61 billion pesos, a decrease of 19.5% from 26.84 billion pesos in the prior year.

Full-year total revenue grew year over year to 241.71 billion pesos from 233.40 billion pesos, and total operating expenses increased 5.4% on an annual basis to 205.74 billion pesos from 195.14 billion pesos.

The company said reported net income declined 19.1% year over year to 26.79 billion pesos, or 103.65 pesos per share, in the full year, from 33.12 billion pesos, or 128.14 pesos per share.

As of March 1, US$1 was equivalent to 650.98 Chilean pesos.