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JG Summit Holdings profit misses consensus by 58.3% in Q3

JG Summit Holdings Inc. said its normalized net income for the third quarter was 31 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 75 centavos per share.

EPS climbed 8.7% year over year from 29 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.26 billion pesos, a gain of 10.9% from 2.04 billion pesos in the prior-year period.

The normalized profit margin fell to 4.0% from 4.7% in the year-earlier period.

Total revenue rose 29.0% year over year to 55.94 billion pesos from 43.36 billion pesos, and total operating expenses grew 25.7% year over year to 44.34 billion pesos from 35.28 billion pesos.

Reported net income fell 5.7% year over year to 2.68 billion pesos, or 37 centavos per share, from 2.84 billion pesos, or 40 centavos per share.

As of Nov. 13, US$1 was equivalent to 47.15 Philippine pesos.