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Philippine Racing Club Q3 loss widens 15.6% YOY

Philippine Racing Club Inc. said its third-quarter normalized net income amounted to a loss of 6 Philippine centavos per share, compared with a loss of 5 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 a loss of 33.3 million pesos, compared with a loss of 28.8 million pesos in the year-earlier period.

The normalized profit margin increased to negative 58.3% from negative 59.0% in the year-earlier period.

Total revenue rose 17.1% on an annual basis to 57.1 million pesos from 48.8 million pesos, and total operating expenses climbed 17.8% from the prior-year period to 109.3 million pesos from 92.8 million pesos.

Reported net income came to a loss of 62.4 million pesos, or a loss of 11 centavos per share, compared to income of 9.9 million pesos, or 2 centavos per share, in the year-earlier period.

As of Nov. 21, US$1 was equivalent to 49.78 Philippine pesos.