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Victorias Milling fiscal Q1 profit climbs 18.2% YOY

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Victorias Milling fiscal Q1 profit climbs 18.2% YOY

Victorias Milling Co. Inc. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, amounted to 8 Philippine centavos per share, a gain of 55.5% from 5 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 242.2 million pesos, an increase of 18.2% from 205.0 million pesos in the year-earlier period.

The normalized profit margin climbed to 17.9% from 14.7% in the year-earlier period.

Total revenue declined on an annual basis to 1.35 billion pesos from 1.39 billion pesos, and total operating expenses declined 6.1% from the prior-year period to 959.6 million pesos from 1.02 billion pesos.

Reported net income grew 7.8% year over year to 273.9 million pesos, or 9 centavos per share, from 254.2 million pesos, or 6 centavos per share.

As of Jan. 20, US$1 was equivalent to 44.57 Philippine pesos.