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Panasonic Manufacturing Philippines fiscal Q1 profit falls YOY

Panasonic Manufacturing Philippines Corp. said its normalized net income for the fiscal first quarter ended June 30 came to 14 Philippine centavos per share, a decrease of 8.7% from 16 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 61.7 million pesos, a decline of 6.5% from 66.0 million pesos in the year-earlier period.

The normalized profit margin fell to 2.9% from 3.0% in the year-earlier period.

Total revenue declined on an annual basis to 2.13 billion pesos from 2.20 billion pesos, and total operating expenses decreased year over year to 2.04 billion pesos from 2.11 billion pesos.

Reported net income declined 7.3% from the prior-year period to 82.6 million pesos, or 19 centavos per share, from 89.2 million pesos, or 21 centavos per share.

As of Aug. 14, US$1 was equivalent to 43.63 Philippine pesos.