Victorias Milling Co. Inc. said its normalized net income for the fiscal second quarter ended Feb. 29 amounted to 15 Philippine centavos per share, an increase of 12.2% from 13 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 412.5 million pesos, an increase from 407.5 million pesos in the prior-year period.

The normalized profit margin dropped to 28.0% from 31.4% in the year-earlier period.

Total revenue rose 13.5% year over year to 1.47 billion pesos from 1.30 billion pesos, and total operating expenses rose 28.0% on an annual basis to 811.7 million pesos from 634.1 million pesos.

Reported net income grew from the prior-year period to 466.7 million pesos, or 17 centavos per share, from 456.5 million pesos, or 15 centavos per share.

As of April 13, US$1 was equivalent to 46.06 Philippine pesos.