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Ginebra San Miguel Q4 profit climbs YOY

Ginebra San Miguel Inc. said its fourth-quarter normalized net income was 33 Philippine centavos per share, an increase from 9 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 94.2 million pesos, an increase from 25.7 million pesos in the year-earlier period.

The normalized profit margin rose to 1.8% from 0.5% in the year-earlier period.

Total revenue climbed year over year to 5.37 billion pesos from 5.14 billion pesos, and total operating expenses grew on an annual basis to 5.00 billion pesos from 4.88 billion pesos.

Reported net income came to 111.7 million pesos, or 39 centavos per share, compared to a loss of 400.9 million pesos, or a loss of 1.40 pesos per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.11 pesos per share, a gain from 26 centavos per share in the prior year.

Normalized net income was 317.1 million pesos, a rise from 75.1 million pesos in the prior year.

Full-year total revenue grew 12.2% year over year to 18.57 billion pesos from 16.55 billion pesos, and total operating expenses rose 10.9% on an annual basis to 17.60 billion pesos from 15.87 billion pesos.

The company said reported net income came to 312.1 million pesos, or 1.09 pesos per share, in the full year, compared with a loss of 412.3 million pesos, or a loss of 1.44 pesos per share, the prior year.

As of April 11, US$1 was equivalent to 49.63 Philippine pesos.