Max's Group Inc. said its fourth-quarter normalized net income amounted to 25 Philippine centavos per share, a gain from 10 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 198.7 million pesos, an increase of 91.1% from 104.0 million pesos in the year-earlier period.
The normalized profit margin rose to 4.8% from 4.6% in the year-earlier period.
Total revenue climbed 35.6% on an annual basis to 3.08 billion pesos from 2.27 billion pesos, and total operating expenses grew 29.7% on an annual basis to 2.78 billion pesos from 2.14 billion pesos.
Reported net income totaled 187.2 million pesos, or 24 centavos per share, compared to a loss of 20.0 million pesos, or a loss of 2 centavos per share, in the year-earlier period.
For the year, the company's normalized net income totaled 61 centavos per share, an increase from 17 centavos per share in the prior year.
Normalized net income was 477.8 million pesos, a rise from 96.5 million pesos in the prior year.
Full-year total revenue grew on an annual basis to 10.37 billion pesos from 4.97 billion pesos, and total operating expenses rose 97.1% on an annual basis to 9.58 billion pesos from 4.86 billion pesos.
The company said reported net income came to 507.1 million pesos, or 65 centavos per share, in the full year, compared with a loss of 28.4 million pesos, or a loss of 5 centavos per share, the prior year.
As of April 12, US$1 was equivalent to 46.03 Philippine pesos.