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Solid Group Q3 profit climbs YOY

Solid Group Inc. said its third-quarter normalized net income amounted to 162.5 million pesos, a gain from 15.1 million pesos in the prior-year period.

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

The normalized profit margin increased to 10.7% from 1.4% in the year-earlier period.

Total revenue rose 38.7% on an annual basis to 1.52 billion pesos from 1.09 billion pesos, and total operating expenses grew 17.7% from the prior-year period to 1.28 billion pesos from 1.09 billion pesos.

Reported net income increased year over year to 205.9 million pesos, or 11 centavos per share, from 24.0 million pesos, or 1 centavos per share.

As of Nov. 15, US$1 was equivalent to 49.17 Philippine pesos.