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Hipermarc swings to loss in Q4

Hipermarc SA said its fourth-quarter normalized net income came to a loss of 1.45 Chilean pesos per share, compared with 5.16 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 1.82 billion pesos, compared with income of 6.51 billion pesos in the year-earlier period.

The normalized profit margin declined to negative 72.8% from 182.6% in the year-earlier period.

Total revenue climbed 16.6% year over year to 4.15 billion pesos from 3.56 billion pesos, and total operating expenses fell 31.7% from the prior-year period to 2.99 billion pesos from 4.37 billion pesos.

Reported net income came to 6.49 billion pesos, or 5.15 pesos per share, compared to a loss of 625.0 million pesos, or a loss of 50 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 61 centavos per share, compared with 2.85 pesos per share in the prior year.

Normalized net income was a loss of 776.0 million pesos, compared with income of 3.60 billion pesos in the prior year.

Full-year total revenue increased 16.1% on an annual basis to 12.57 billion pesos from 10.83 billion pesos, and total operating expenses rose 6.8% year over year to 10.74 billion pesos from 10.06 billion pesos.

The company said reported net income grew year over year to 8.46 billion pesos, or 6.70 pesos per share, in the full year, from 3.02 billion pesos, or 2.39 pesos per share.

As of March 28, US$1 was equivalent to 680.86 Chilean pesos.