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Solid Group Q3 profit climbs 11.8% YOY

Solid Group Inc. said its third-quarter normalized net income amounted to 15.1 million pesos, a gain of 11.8% from 13.6 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.4% from 1.0% in the year-earlier period.

Total revenue declined 15.9% on an annual basis to 1.09 billion pesos from 1.30 billion pesos, and total operating expenses decreased 13.7% on an annual basis to 1.09 billion pesos from 1.26 billion pesos.

Reported net income grew 36.1% year over year to 24.0 million pesos, or 1 centavo per share, from 17.6 million pesos, or 1 centavos per share.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.