Liberty Flour Mills Inc. said its first-quarter normalized net income was 43 Philippine centavos per share, a gain from 42 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 39.5 million pesos, a decline of 36.6% from 62.3 million pesos in the year-earlier period.
The normalized profit margin dropped to 13.9% from 15.8% in the year-earlier period.
Total revenue decreased 27.9% year over year to 283.9 million pesos from 393.7 million pesos, and total operating expenses fell 23.7% from the prior-year period to 228.0 million pesos from 298.9 million pesos.
Reported net income declined 43.5% on an annual basis to 41.2 million pesos, or 45 centavos per share, from 72.9 million pesos, or 49 centavos per share.
As of May 13, US$1 was equivalent to 44.53 Philippine pesos.
