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Swift Foods swings to profit in Q2

Swift Foods Inc. said its second-quarter normalized net income amounted to 1.0 million pesos, compared with a loss of 960,310 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 climbed to 7.4% from negative 6.3% in the year-earlier period.

Total revenue fell 9.2% year over year to 13.8 million pesos from 15.2 million pesos, and total operating expenses fell 27.3% year over year to 12.3 million pesos from 16.9 million pesos.

Reported net income totaled 1.6 million pesos, or 0 centavos per share, compared to a loss of 1.5 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of Aug. 17, US$1 was equivalent to 46.39 Philippine pesos.