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Philippine Seven Q4 profit climbs 23.1% YOY

Philippine Seven Corp. said its fourth-quarter normalized net income came to 60 Philippine centavos per share, an increase of 23.1% from 48 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 450.9 million pesos, an increase of 23.1% from 366.3 million pesos in the year-earlier period.

The normalized profit margin fell to 5.6% from 6.3% in the year-earlier period.

Total revenue grew 37.1% year over year to 8.01 billion pesos from 5.85 billion pesos, and total operating expenses increased 38.6% on an annual basis to 7.27 billion pesos from 5.25 billion pesos.

Reported net income increased 21.0% year over year to 493.0 million pesos, or 65 centavos per share, from 407.4 million pesos, or 54 centavos per share.

For the year, the company's normalized net income totaled 1.21 pesos per share, a gain of 16.3% from 1.04 pesos per share in the prior year.

Normalized net income was 912.4 million pesos, a gain of 16.3% from 784.5 million pesos in the prior year.

Full-year total revenue rose 31.6% year over year to 25.87 billion pesos from 19.67 billion pesos, and total operating expenses rose 32.5% year over year to 24.36 billion pesos from 18.38 billion pesos.

The company said reported net income grew 15.5% year over year to 1.01 billion pesos, or 1.33 pesos per share, in the full year, from 873.3 million pesos, or 1.15 pesos per share.

As of April 14, US$1 was equivalent to 46.12 Philippine pesos.