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Empresas Cabo de Hornos swings to loss in Q3

Empresas Cabo de Hornos SA said its normalized net income for the third quarter came to a loss of 26 Chilean centavos per share, compared with 29 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 257.4 million pesos, compared with income of 290.7 million pesos in the year-earlier period.

Total revenue rose 27.9% on an annual basis to 21.1 million pesos from 16.5 million pesos, and total operating expenses increased 16.5% on an annual basis to 192.5 million pesos from 165.2 million pesos.

Reported net income came to a loss of 412.7 million pesos, or a loss of 41 centavos per share, compared to income of 465.1 million pesos, or 46 centavos per share, in the year-earlier period.

As of Nov. 26, US$1 was equivalent to 711.60 Chilean pesos.