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SSI Group Q2 profit falls YOY

SSI Group Inc. said its normalized net income for the second quarter came to 5 Philippine centavos per share, a decline of 52.3% 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 148.6 million pesos, a decline of 51.0% from 303.1 million pesos in the year-earlier period.

The normalized profit margin fell to 3.5% from 7.8% in the year-earlier period.

Total revenue increased 10.2% on an annual basis to 4.27 billion pesos from 3.87 billion pesos, and total operating expenses grew 21.1% from the prior-year period to 3.96 billion pesos from 3.27 billion pesos.

Reported net income fell 62.6% year over year to 119.2 million pesos, or 4 centavos per share, from 318.7 million pesos, or 11 centavos per share.

As of Aug. 9, US$1 was equivalent to 46.86 Philippine pesos.