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Philippine Seven Q2 profit climbs 8.9% YOY

Philippine Seven Corp. said its normalized net income for the second quarter amounted to 29 Philippine centavos per share, an increase of 6.9% from 27 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 217.8 million pesos, an increase of 8.9% from 200.0 million pesos in the prior-year period.

The normalized profit margin fell to 3.5% from 4.1% in the year-earlier period.

Total revenue climbed 30.6% year over year to 6.42 billion pesos from 4.91 billion pesos, and total operating expenses increased 32.1% year over year to 6.06 billion pesos from 4.59 billion pesos.

Reported net income rose 8.8% from the prior-year period to 243.6 million pesos, or 32 centavos per share, from 223.9 million pesos, or 30 centavos per share.

As of July 27, US$1 was equivalent to 45.54 Philippine pesos.