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Cosco Capital Q4 profit climbs YOY

Cosco Capital Inc. said its fourth-quarter normalized net income amounted to 15 Philippine centavos per share, a gain of 9.9% from 14 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 1.15 billion pesos, an increase from 1.13 billion pesos in the year-earlier period.

The normalized profit margin fell to 3.3% from 3.5% in the year-earlier period.

Total revenue increased 8.6% year over year to 35.30 billion pesos from 32.50 billion pesos, and total operating expenses rose 8.6% on an annual basis to 31.98 billion pesos from 29.43 billion pesos.

Reported net income came to 1.48 billion pesos, or 20 centavos per share, compared to 1.47 billion pesos, or 18 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 51 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 66 centavos.

EPS rose 16.9% from 43 centavos in the prior year.

Normalized net income was 3.61 billion pesos, a gain of 12.9% from 3.20 billion pesos in the prior year.

Full-year total revenue increased 18.2% on an annual basis to 116.75 billion pesos from 98.79 billion pesos, and total operating expenses grew 18.5% on an annual basis to 106.74 billion pesos from 90.07 billion pesos.

The company said reported net income rose 11.5% on an annual basis to 4.49 billion pesos, or 63 centavos per share, in the full year, from 4.03 billion pesos, or 54 centavos per share.

As of April 14, US$1 was equivalent to 46.12 Philippine pesos.