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Victorias Milling swings to profit in fiscal Q4

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.