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Hipermarc swings to profit in Q1

Hipermarc SA said its first-quarter normalized net income was 3.07 Chilean pesos per share, compared with a loss of 12 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.87 billion pesos, compared with a loss of 149.0 million pesos in the year-earlier period.

The normalized profit margin increased to 32.0% from negative 6.7% in the year-earlier period.

Total revenue rose 19.8% on an annual basis to 2.68 billion pesos from 2.24 billion pesos, and total operating expenses increased 16.9% year over year to 2.18 billion pesos from 1.86 billion pesos.

Reported net income totaled a loss of 85.1 million pesos, or a loss of 7 centavos per share, compared to a loss of 590.9 million pesos, or a loss of 47 centavos per share, in the prior-year period.

As of May 29, US$1 was equivalent to 619.00 Chilean pesos.