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SSI Group Q1 profit climbs 23.0% YOY

SSI Group Inc. said its first-quarter normalized net income came to 10 Philippine centavos per share, a decrease from 10 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 256.1 million pesos, an increase of 23.0% from 208.2 million pesos in the year-earlier period.

The normalized profit margin rose to 6.3% from 6.1% in the year-earlier period.

Total revenue increased 19.0% year over year to 4.03 billion pesos from 3.39 billion pesos, and total operating expenses grew 17.9% on an annual basis to 3.52 billion pesos from 2.99 billion pesos.

Reported net income grew 22.3% on an annual basis to 267.0 million pesos, or 10 centavos per share, from 218.4 million pesos, or 11 centavos per share.

As of May 13, US$1 was equivalent to 44.53 Philippine pesos.