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Millennium Global swings to profit in Q3

Millennium Global Holdings Inc. said its normalized net income for the third quarter came to 127,990 pesos, compared with a loss of 4.4 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.0% from negative 1.2% in the year-earlier period.

Total revenue came to 375.1 million pesos, compared with 373.1 million pesos in the year-earlier period, and total operating expenses came to 364.0 million pesos, compared with 363.7 million pesos in the year-earlier period.

Reported net income totaled 378,990 pesos, or 0 centavos per share, compared to a loss of 11.6 million pesos, or a loss of 1 centavos per share, in the year-earlier period.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.