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SSI Group Q4 profit falls YOY

SSI Group Inc. said its normalized net income for the fourth quarter amounted to 4 Philippine centavos per share, a decrease of 61.2% from 9 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 133.0 million pesos, a decline of 55.2% from 297.0 million pesos in the prior-year period.

The normalized profit margin dropped to 2.4% from 5.7% in the year-earlier period.

Total revenue climbed 9.0% year over year to 5.64 billion pesos from 5.17 billion pesos, and total operating expenses rose 17.4% on an annual basis to 5.35 billion pesos from 4.56 billion pesos.

Reported net income decreased 66.2% from the prior-year period to 109.7 million pesos, or 3 centavos per share, from 324.7 million pesos, or 10 centavos per share.

For the year, the company's normalized net income totaled 24 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 31 centavos.

EPS declined 39.3% from 39 centavos in the prior year.

Normalized net income was 809.8 million pesos, a fall of 14.5% from 947.2 million pesos in the prior year.

Full-year total revenue increased 14.5% from the prior-year period to 17.42 billion pesos from 15.21 billion pesos, and total operating expenses increased 17.6% year over year to 15.68 billion pesos from 13.33 billion pesos.

The company said reported net income declined 18.8% on an annual basis to 810.7 million pesos, or 24 centavos per share, in the full year, from 998.3 million pesos, or 42 centavos per share.

As of April 14, US$1 was equivalent to 46.12 Philippine pesos.