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IPeople Q2 profit climbs 27.0% YOY

iPeople Inc. said its second-quarter normalized net income came to 9 Philippine centavos per share, a gain of 27.4% from 7 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 60.1 million pesos, an increase of 27.0% from 47.3 million pesos in the prior-year period.

The normalized profit margin rose to 12.2% from 10.5% in the year-earlier period.

Total revenue grew 9.3% year over year to 492.1 million pesos from 450.0 million pesos, and total operating expenses grew 5.3% on an annual basis to 383.1 million pesos from 363.7 million pesos.

Reported net income increased 29.6% year over year to 89.0 million pesos, or 13 centavos per share, from 68.7 million pesos, or 10 centavos per share.

As of Aug. 14, US$1 was equivalent to 46.16 Philippine pesos.