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Empresas La Polar Q3 loss narrows YOY

Empresas La Polar SA said its third-quarter normalized net income was a loss of 1.67 Chilean pesos per share, compared with a loss of 9.10 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 a loss of 2.28 billion pesos, compared with a loss of 9.89 billion pesos in the year-earlier period.

The normalized profit margin increased to negative 2.6% from negative 11.5% in the year-earlier period.

Total revenue grew year over year to 87.07 billion pesos from 86.03 billion pesos, and total operating expenses declined year over year to 88.84 billion pesos from 92.99 billion pesos.

Reported net income totaled a loss of 4.08 billion pesos, or a loss of 3.00 pesos per share, compared to a loss of 10.87 billion pesos, or a loss of 10.00 pesos per share, in the prior-year period.

As of Nov. 19, US$1 was equivalent to 711.10 Chilean pesos.