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Empresas Hites Q4 profit climbs 13.7% YOY

Empresas Hites SA said its normalized net income for the fourth quarter amounted to 15.41 Chilean pesos per share, a gain of 13.7% from 13.56 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 5.81 billion pesos, a gain of 13.7% from 5.11 billion pesos in the prior-year period.

The normalized profit margin climbed to 6.3% from 5.9% in the year-earlier period.

Total revenue increased 7.9% year over year to 92.77 billion pesos from 86.01 billion pesos, and total operating expenses grew 8.2% on an annual basis to 81.75 billion pesos from 75.56 billion pesos.

Reported net income grew 19.5% from the prior-year period to 8.32 billion pesos, or 22.06 pesos per share, from 6.96 billion pesos, or 18.45 pesos per share.

For the year, the company's normalized net income totaled 31.97 pesos per share, an increase of 19.0% from 26.87 pesos per share in the prior year.

Normalized net income was 12.06 billion pesos, an increase of 19.0% from 10.13 billion pesos in the prior year.

Full-year total revenue increased 7.9% year over year to 302.49 billion pesos from 280.35 billion pesos, and total operating expenses rose 7.9% year over year to 275.90 billion pesos from 255.70 billion pesos.

The company said reported net income rose 21.6% on an annual basis to 15.84 billion pesos, or 41.99 pesos per share, in the full year, from 13.03 billion pesos, or 34.54 pesos per share.

As of March 8, US$1 was equivalent to 661.55 Chilean pesos.