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Bogo-Medellin Milling fiscal Q2 profit falls YOY

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Bogo-Medellin Milling fiscal Q2 profit falls YOY

Bogo-Medellin Milling Co. Inc. said its normalized net income for the fiscal second quarter ended March 31 amounted to 69 Philippine centavos per share, a decrease of 62.7% from 1.85 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.2 million pesos, a decline of 62.4% from 11.1 million pesos in the prior-year period.

The normalized profit margin dropped to 3.1% from 11.3% in the year-earlier period.

Total revenue rose 38.5% on an annual basis to 136.3 million pesos from 98.4 million pesos, and total operating expenses rose 60.8% on an annual basis to 129.7 million pesos from 80.6 million pesos.

Reported net income decreased 72.1% year over year to 4.7 million pesos, or 78 centavos per share, from 16.9 million pesos, or 2.82 pesos per share.

As of April 10, US$1 was equivalent to 44.57 Philippine pesos.