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Bogo-Medellin Milling fiscal Q4 profit falls YOY

Bogo-Medellin Milling Co. Inc. said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2015, amounted to 2.07 Philippine pesos per share, a decline of 12.1% from 2.36 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.4 million pesos, a decrease of 12.1% from 14.2 million pesos in the prior-year period.

The normalized profit margin climbed to 32.6% from 26.1% in the year-earlier period.

Total revenue decreased 58.3% year over year to 22.6 million pesos from 54.3 million pesos, and total operating expenses fell 78.3% from the prior-year period to 7.1 million pesos from 32.9 million pesos.

Reported net income increased 20.3% year over year to 13.8 million pesos, or 2.31 pesos per share, from 11.5 million pesos, or 1.92 pesos per share.

For the year, the company's normalized net income totaled 2.65 pesos per share, a decline of 18.7% from 3.26 pesos per share in the prior year.

Normalized net income was 15.9 million pesos, a decline of 18.7% from 19.6 million pesos in the prior year.

Full-year total revenue rose 28.8% from the prior-year period to 328.7 million pesos from 255.2 million pesos, and total operating expenses increased 42.0% year over year to 320.1 million pesos from 225.5 million pesos.

The company said reported net income decreased 12.6% on an annual basis to 15.7 million pesos, or 2.61 pesos per share, in the full year, from 17.9 million pesos, or 2.99 pesos per share.

As of Feb. 18, US$1 was equivalent to 47.60 Philippine pesos.