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Ginebra San Miguel Q3 profit climbs YOY

Ginebra San Miguel Inc. said its third-quarter normalized net income amounted to 31 Philippine centavos per share, an increase from 7 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 89.0 million pesos, a gain from 20.8 million pesos in the prior-year period.

The normalized profit margin rose to 1.9% from 0.5% in the year-earlier period.

Total revenue grew 18.7% on an annual basis to 4.79 billion pesos from 4.03 billion pesos, and total operating expenses grew 17.2% year over year to 4.57 billion pesos from 3.90 billion pesos.

Reported net income came to 87.6 million pesos, or 31 centavos per share, compared to a loss of 8.5 million pesos, or a loss of 3 centavos per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 49.20 Philippine pesos.