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Vitarich swings to profit in Q2

Vitarich Corp. said its second-quarter normalized net income was 32.6 million pesos, compared with a loss of 6.2 million pesos in the prior-year period.

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

The normalized profit margin climbed to 2.8% from negative 0.9% in the year-earlier period.

Total revenue climbed 62.5% on an annual basis to 1.16 billion pesos from 714.4 million pesos, and total operating expenses grew 56.3% on an annual basis to 1.10 billion pesos from 706.8 million pesos.

Reported net income totaled 2.7 million pesos, or 0 centavos per share, compared to a loss of 23.8 million pesos, or a loss of 1 centavos per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to 46.36 Philippine pesos.