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Empresas Hites Q3 profit falls YOY

Empresas Hites SA said its third-quarter normalized net income amounted to 1.22 Chilean pesos per share, a decrease of 56.5% from 2.79 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 458.3 million pesos, a decrease of 56.5% from 1.05 billion pesos in the year-earlier period.

The normalized profit margin declined to 0.7% from 1.7% in the year-earlier period.

Total revenue totaled 62.57 billion pesos, compared with 62.21 billion pesos in the year-earlier period, and total operating expenses grew from the prior-year period to 59.36 billion pesos from 58.52 billion pesos.

Reported net income decreased 80.4% from the prior-year period to 263.3 million pesos, or 70 centavos per share, from 1.34 billion pesos, or 3.56 pesos per share.

As of Nov. 26, US$1 was equivalent to 711.60 Chilean pesos.