Victorias Milling Co. Inc. said its normalized net income for the fiscal fourth quarter ended Aug. 31 came to 4.2 million pesos, compared with a loss of 228.1 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 negative 2.3% from negative 27.0% in the year-earlier period.

Total revenue rose 31.6% on an annual basis to 1.11 billion pesos from 843.4 million pesos, and total operating expenses declined 12.5% year over year to 1.23 billion pesos from 1.41 billion pesos.

Reported net income totaled a loss of 4.1 million pesos, or a loss of 0 centavos per share, compared to a loss of 295.7 million pesos, or a loss of 11 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 31 centavos per share, a fall from 32 centavos per share in the prior year.

Normalized net income was 864.2 million pesos, a decline of 8.5% from 944.7 million pesos in the prior year.

Full-year total revenue increased 6.3% year over year to 5.31 billion pesos from 5.00 billion pesos, and total operating expenses increased 11.1% year over year to 4.07 billion pesos from 3.66 billion pesos.

The company said reported net income decreased 24.4% year over year to 764.6 million pesos, or 27 centavos per share, in the full year, from 1.01 billion pesos, or 34 centavos per share.

As of Dec. 15, US$1 was equivalent to 49.93 Philippine pesos.