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Discovery World swings to loss in Q3

Discovery World Corp. said its third-quarter normalized net income came to a loss of 11.9 million pesos, compared with income of 581,230 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 dropped to negative 15.7% from 0.7% in the year-earlier period.

Total revenue declined 7.7% on an annual basis to 75.9 million pesos from 82.2 million pesos, and total operating expenses increased 12.1% from the prior-year period to 91.3 million pesos from 81.5 million pesos.

Reported net income totaled a loss of 22.9 million pesos, or a loss of 4 centavos per share, compared to income of 474,370 pesos, or 0 centavos per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to 49.12 Philippine pesos.