Unión El Golf S.A. said its normalized net income for the first quarter came to 316.5 million pesos, compared with a loss of 269.4 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 57.0% from negative 52.1% in the year-earlier period.

Total revenue increased 7.4% on an annual basis to 555.6 million pesos from 517.2 million pesos, and total operating expenses grew 9.1% from the prior-year period to 655.0 million pesos from 600.3 million pesos.

Reported net income came to a loss of 358.4 million pesos, compared with a loss of 356.5 million pesos in the prior-year period.

As of May 27, US$1 was equivalent to 688.50 Chilean pesos.