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Solid Group swings to profit in Q1

Solid Group Inc. said its first-quarter normalized net income amounted to 5 Philippine centavos per share, compared with a loss of 1 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 88.5 million pesos, compared with a loss of 23.5 million pesos in the year-earlier period.

The normalized profit margin rose to 6.0% from negative 3.6% in the year-earlier period.

Total revenue rose year over year to 1.48 billion pesos from 650.2 million pesos, and total operating expenses climbed 92.8% from the prior-year period to 1.33 billion pesos from 691.4 million pesos.

Reported net income came to a loss of 2.1 million pesos, or a loss of 0 centavos per share, compared to a loss of 54.1 million pesos, or a loss of 3 centavos per share, in the year-earlier period.

As of May 20, US$1 was equivalent to 46.69 Philippine pesos.