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Macay Holdings Q4 profit falls YOY

Macay Holdings Inc. said its fourth-quarter normalized net income came to 33 Philippine centavos per share, a decline of 16.4% from 39 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 351.1 million pesos, a decline of 16.9% from 422.7 million pesos in the year-earlier period.

The normalized profit margin declined to 12.3% from 15.8% in the year-earlier period.

Total revenue rose on an annual basis to 2.77 billion pesos from 2.67 billion pesos, and total operating expenses climbed 10.0% on an annual basis to 2.17 billion pesos from 1.97 billion pesos.

Reported net income declined 16.5% from the prior-year period to 394.4 million pesos, or 37 centavos per share, from 472.4 million pesos, or 44 centavos per share.

For the year, the company's normalized net income totaled 1.51 pesos per share, a gain of 5.0% from 1.44 pesos per share in the prior year.

Normalized net income was 1.62 billion pesos, a gain of 5.2% from 1.54 billion pesos in the prior year.

Full-year total revenue grew 8.8% on an annual basis to 11.26 billion pesos from 10.35 billion pesos, and total operating expenses grew 9.4% year over year to 8.67 billion pesos from 7.93 billion pesos.

The company said reported net income grew year over year to 1.81 billion pesos, or 1.69 pesos per share, in the full year, from 1.75 billion pesos, or 1.64 pesos per share.

As of April 13, US$1 was equivalent to 46.06 Philippine pesos.