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Empresas Copec Q1 profit falls YOY

Empresas Copec SA said its first-quarter normalized net income came to 9 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS declined 25.2% year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $111.3 million, a decrease of 25.2% from $148.8 million in the year-earlier period.

The normalized profit margin fell to 2.9% from 3.2% in the year-earlier period.

Total revenue decreased 19.1% on an annual basis to $3.80 billion from $4.70 billion, and total operating expenses fell 18.6% year over year to $3.56 billion from $4.38 billion.

Reported net income decreased 17.8% on an annual basis to $132.5 million, or 10 cents per share, from $161.3 million, or 12 cents per share.