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Victorias Milling fiscal Q2 profit climbs YOY

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.