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Ginebra San Miguel swings to profit in Q3

Ginebra San Miguel Inc. said its normalized net income for the third quarter was 7 Philippine centavos per share, compared with a loss of 13 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 20.8 million pesos, compared with a loss of 38.5 million pesos in the year-earlier period.

The normalized profit margin increased to 0.5% from negative 1.1% in the year-earlier period.

Total revenue grew 13.0% on an annual basis to 4.03 billion pesos from 3.57 billion pesos, and total operating expenses climbed 10.8% from the prior-year period to 3.90 billion pesos from 3.52 billion pesos.

Reported net income totaled a loss of 8.5 million pesos, or a loss of 3 centavos per share, compared to a loss of 80.0 million pesos, or a loss of 28 centavos per share, in the prior-year period.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.