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Vitarich swings to profit in Q4

Vitarich Corp. said its fourth-quarter normalized net income came to 1 Philippine centavos per share, compared with a loss of 1 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 29.7 million pesos, compared with a loss of 33.0 million pesos in the year-earlier period.

The normalized profit margin climbed to 2.8% from negative 5.3% in the year-earlier period.

Total revenue increased 70.9% year over year to 1.05 billion pesos from 616.8 million pesos, and total operating expenses increased 65.3% on an annual basis to 1.02 billion pesos from 619.1 million pesos.

Reported net income came to 35.3 million pesos, or 1 centavos per share, compared to a loss of 171.0 million pesos, or a loss of 6 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 2 centavos per share, compared with a loss of 4 centavos per share in the prior year.

Normalized net income was 58.5 million pesos, compared with a loss of 111.1 million pesos in the prior year.

Full-year total revenue rose 45.6% year over year to 3.45 billion pesos from 2.37 billion pesos, and total operating expenses rose 34.4% on an annual basis to 3.34 billion pesos from 2.49 billion pesos.

The company said reported net income came to 7.2 million pesos, or 0 centavos per share, in the full year, compared with a loss of 578.2 million pesos, or a loss of 21 centavos per share, the prior year.

As of March 29, US$1 was equivalent to 46.28 Philippine pesos.