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Millennium Global Q1 loss narrows YOY

Millennium Global Holdings Inc. said its first-quarter normalized net income amounted to a loss of 198,530 pesos, compared with a loss of 3.8 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 increased to negative 0.0% from negative 0.9% in the year-earlier period.

Total revenue grew on an annual basis to 413.0 million pesos from 408.5 million pesos, and total operating expenses came to 402.8 million pesos, compared with 404.4 million pesos in the prior-year period.

Reported net income came to a loss of 66,200 pesos, or a loss of 0 centavos per share, compared to a loss of 2.4 million pesos, or a loss of 0 centavos per share, in the year-earlier period.

As of May 20, US$1 was equivalent to 44.56 Philippine pesos.