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Millennium Global swings to profit in Q2

Millennium Global Holdings Inc. said its second-quarter normalized net income amounted to 570,930 pesos, compared with a loss of 3.4 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.1% from negative 0.9% in the year-earlier period.

Total revenue rose 25.1% on an annual basis to 462.6 million pesos from 369.9 million pesos, and total operating expenses grew 23.1% from the prior-year period to 452.3 million pesos from 367.4 million pesos.

Reported net income totaled 2.1 million pesos, or 0 centavos per share, compared to a loss of 3.4 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 46.31 Philippine pesos.