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Inversiones Siemel Q1 profit falls YOY

Inversiones Siemel SA said its first-quarter normalized net income was 3.89 Chilean pesos per share, a decrease of 53.2% from 8.32 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 1.41 billion pesos, a decrease of 53.2% from 3.02 billion pesos in the year-earlier period.

The normalized profit margin fell to 13.6% from 77.7% in the year-earlier period.

Total revenue rose year over year to 10.41 billion pesos from 3.88 billion pesos, and total operating expenses climbed on an annual basis to 10.50 billion pesos from 5.08 billion pesos.

Reported net income decreased 39.2% on an annual basis to 2.13 billion pesos, or 5.87 pesos per share, from 3.50 billion pesos, or 9.65 pesos per share.

As of May 27, US$1 was equivalent to 616.92 Chilean pesos.