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Panasonic Manufacturing Philippines fiscal Q2 profit climbs YOY

Panasonic Manufacturing Philippines Corp. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 10 Philippine centavos per share, an increase from 4 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 41.7 million pesos, an increase from 18.1 million pesos in the year-earlier period.

The normalized profit margin increased to 2.2% from 1.1% in the year-earlier period.

Total revenue rose 14.7% year over year to 1.92 billion pesos from 1.68 billion pesos, and total operating expenses climbed 13.1% on an annual basis to 1.87 billion pesos from 1.65 billion pesos.

Reported net income grew from the prior-year period to 49.3 million pesos, or 12 centavos per share, from 18.6 million pesos, or 4 centavos per share.

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