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SSI Group Q4 profit falls YOY

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SSI Group Q4 profit falls YOY

SSI Group Inc. said its normalized net income for the fourth quarter came to 2 Philippine centavos per share, a decrease of 49.4% from 4 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 60.3 million pesos, a decrease of 55.3% from 134.9 million pesos in the year-earlier period.

The normalized profit margin declined to 1.0% from 2.4% in the year-earlier period.

Total revenue rose year over year to 5.81 billion pesos from 5.64 billion pesos, and total operating expenses totaled 5.40 billion pesos, compared with 5.35 billion pesos in the year-earlier period.

Reported net income came to a loss of 74.5 million pesos, or a loss of 2 centavos per share, compared to income of 109.7 million pesos, or 3 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 14 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 17 centavos.

EPS declined 43.7% from 24 centavos in the prior year.

Normalized net income was 453.2 million pesos, a fall of 44.8% from 820.8 million pesos in the prior year.

Full-year total revenue rose 5.9% year over year to 18.44 billion pesos from 17.42 billion pesos, and total operating expenses grew 9.6% on an annual basis to 17.19 billion pesos from 15.68 billion pesos.

The company said reported net income declined 71.4% on an annual basis to 231.6 million pesos, or 7 centavos per share, in the full year, from 810.7 million pesos, or 24 centavos per share.

As of April 12, US$1 was equivalent to 49.45 Philippine pesos.