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Ginebra San Miguel Q2 profit climbs YOY

Ginebra San Miguel Inc. said its second-quarter normalized net income amounted to 29 Philippine centavos per share, an increase from 3 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 82.4 million pesos, an increase from 9.7 million pesos in the year-earlier period.

The normalized profit margin increased to 1.8% from 0.3% in the year-earlier period.

Total revenue grew 18.4% year over year to 4.48 billion pesos from 3.79 billion pesos, and total operating expenses rose 17.0% year over year to 4.27 billion pesos from 3.65 billion pesos.

Reported net income came to 71.4 million pesos, or 25 centavos per share, compared to a loss of 7.6 million pesos, or a loss of 2 centavos per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 46.57 Philippine pesos.