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Universal Robina profit misses consensus by 33.9% in fiscal Q2

Universal Robina Corp. said its normalized net income for the fiscal second quarter ended March 31 amounted to 1.11 Philippine pesos per share, compared with the S&P Capital IQ consensus estimate of 1.68 pesos per share.

EPS decreased year over year from 1.13 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.43 billion pesos, compared with 2.45 billion pesos in the prior-year period.

The normalized profit margin declined to 8.7% from 10.6% in the year-earlier period.

Total revenue increased 24.5% year over year to 28.69 billion pesos from 23.04 billion pesos, and total operating expenses climbed 25.3% from the prior-year period to 24.27 billion pesos from 19.37 billion pesos.

Reported net income decreased year over year to 3.20 billion pesos, or 1.47 pesos per share, from 3.31 billion pesos, or 1.52 pesos per share.

As of May 6, US$1 was equivalent to 44.48 Philippine pesos.