Socovesa SA said its first-quarter normalized net income was 1.81 Chilean pesos per share, a gain from 69 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.22 billion pesos, a gain from 839.1 million pesos in the prior-year period.

The normalized profit margin rose to 3.5% from 1.1% in the year-earlier period.

Total revenue declined 16.4% year over year to 63.80 billion pesos from 76.32 billion pesos, and total operating expenses fell 16.0% year over year to 56.41 billion pesos from 67.14 billion pesos.

Reported net income increased 48.8% on an annual basis to 2.76 billion pesos, or 2.25 pesos per share, from 1.85 billion pesos, or 1.51 pesos per share.

As of May 26, US$1 was equivalent to 613.00 Chilean pesos.