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Vitarich swings to profit in Q1

Vitarich Corp. said its normalized net income for the first quarter was 9.3 million pesos, compared with a loss of 31.0 million pesos in the prior-year 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 negative 5.1% in the year-earlier period.

Total revenue grew 11.7% on an annual basis to 685.3 million pesos from 613.4 million pesos, and total operating expenses totaled 663.8 million pesos, compared with 661.4 million pesos in the year-earlier period.

Reported net income totaled a loss of 62.6 million pesos, or a loss of 2 centavos per share, compared to a loss of 42.0 million pesos, or a loss of 4 centavos per share, in the year-earlier period.

As of May 18, US$1 was equivalent to 44.46 Philippine pesos.