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Victorias Milling fiscal Q3 profit climbs YOY

Victorias Milling Co. Inc. said its normalized net income for the fiscal third quarter ended May 31 amounted to 17 Philippine centavos per share, a gain from 5 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 523.1 million pesos, a gain from 205.3 million pesos in the year-earlier period.

The normalized profit margin climbed to 34.8% from 16.2% in the year-earlier period.

Total revenue increased 19.0% year over year to 1.50 billion pesos from 1.26 billion pesos, and total operating expenses declined 22.9% on an annual basis to 657.6 million pesos from 852.7 million pesos.

Reported net income increased 52.2% on an annual basis to 578.4 million pesos, or 19 centavos per share, from 380.0 million pesos, or 9 centavos per share.

As of July 16, US$1 was equivalent to 45.23 Philippine pesos.