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SMU SA Q2 loss narrows YOY

SMU SA said its normalized net income for the second quarter amounted to a loss of 3.28 Chilean pesos per share, compared with a loss of 6.69 pesos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 11.97 billion pesos, compared with a loss of 18.73 billion pesos in the prior-year period.

The normalized profit margin rose to negative 2.2% from negative 4.0% in the year-earlier period.

Total revenue rose 7.7% year over year to 507.05 billion pesos from 471.01 billion pesos, and total operating expenses climbed on an annual basis to 495.93 billion pesos from 473.44 billion pesos.

Reported net income totaled a loss of 12.02 billion pesos, or a loss of 3.29 pesos per share, compared to a loss of 29.71 billion pesos, or a loss of 10.61 pesos per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 697.20 Chilean pesos.