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.