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JG Summit Holdings profit misses consensus by 34.8% in Q3

JG Summit Holdings Inc. said its third-quarter normalized net income amounted to 62 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 95 centavos per share.

EPS climbed 25.8% year over year from 49 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.42 billion pesos, an increase of 25.6% from 3.52 billion pesos in the prior-year period.

The normalized profit margin increased to 6.5% from 6.0% in the year-earlier period.

Total revenue increased 16.7% year over year to 68.17 billion pesos from 58.42 billion pesos, and total operating expenses climbed 21.0% on an annual basis to 56.53 billion pesos from 46.72 billion pesos.

Reported net income grew 19.3% on an annual basis to 6.60 billion pesos, or 92 centavos per share, from 5.53 billion pesos, or 77 centavos per share.

As of Nov. 13, US$1 was equivalent to 51.20 Philippine pesos.