SSI Group Inc. said its third-quarter normalized net income was 3 Philippine centavos per share, a decrease of 19.5% 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 112.7 million pesos, a decrease of 8.7% from 123.4 million pesos in the prior-year period.

The normalized profit margin dropped to 2.8% from 3.2% in the year-earlier period.

Total revenue grew year over year to 4.05 billion pesos from 3.88 billion pesos, and total operating expenses climbed 8.5% from the prior-year period to 3.83 billion pesos from 3.53 billion pesos.

Reported net income declined 43.3% on an annual basis to 65.4 million pesos, or 2 centavos per share, from 115.3 million pesos, or 4 centavos per share.

As of Nov. 14, US$1 was equivalent to 49.20 Philippine pesos.