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Ginebra San Miguel swings to profit in Q1

Ginebra San Miguel Inc. said its normalized net income for the first quarter was 9 Philippine centavos per share, compared with a loss of 15 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 26.3 million pesos, compared with a loss of 43.7 million pesos in the prior-year period.

The normalized profit margin rose to 0.5% from negative 1.3% in the year-earlier period.

Total revenue rose on an annual basis to 3.59 billion pesos from 3.46 billion pesos, and total operating expenses rose year over year to 3.43 billion pesos from 3.37 billion pesos.

Reported net income totaled 13.0 million pesos, or 4 centavos per share, compared to a loss of 68.8 million pesos, or a loss of 24 centavos per share, in the year-earlier period.

As of May 18, US$1 was equivalent to 44.46 Philippine pesos.