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Manila Jockey Club swings to profit in Q3

Manila Jockey Club Inc. said its third-quarter normalized net income was 2.1 million pesos, compared with a loss of 136,590 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 climbed to 2.1% from negative 0.1% in the year-earlier period.

Total revenue came to 97.7 million pesos, compared with 97.0 million pesos in the prior-year period, and total operating expenses came to 105.8 million pesos, compared with 106.5 million pesos in the prior-year period.

Reported net income came to 2.2 million pesos, or 0 centavos per share, compared to a loss of 3.6 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.