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JG Summit Holdings profit misses consensus by 43.3% in Q1

JG Summit Holdings Inc. said its first-quarter normalized net income came to 48 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 84 centavos per share.

EPS increased 9.1% year over year from 44 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.41 billion pesos, a gain of 11.3% from 3.06 billion pesos in the prior-year period.

The normalized profit margin fell to 6.0% from 7.1% in the year-earlier period.

Total revenue climbed 31.4% year over year to 57.05 billion pesos from 43.42 billion pesos, and total operating expenses rose 32.2% on an annual basis to 45.30 billion pesos from 34.26 billion pesos.

Reported net income grew 11.2% on an annual basis to 5.98 billion pesos, or 84 centavos per share, from 5.38 billion pesos, or 77 centavos per share.

As of May 15, US$1 was equivalent to 44.34 Philippine pesos.