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Cosco Capital Q3 profit climbs 16.2% YOY

Cosco Capital Inc. said its third-quarter normalized net income came to 14 Philippine centavos per share, an increase of 11.3% from 13 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 1.03 billion pesos, a gain of 16.2% from 887.8 million pesos in the prior-year period.

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

Total revenue rose 13.8% year over year to 29.25 billion pesos from 25.69 billion pesos, and total operating expenses climbed 16.1% year over year to 26.88 billion pesos from 23.14 billion pesos.

Reported net income rose 25.3% year over year to 1.32 billion pesos, or 18 centavos per share, from 1.05 billion pesos, or 15 centavos per share.

As of Nov. 12, US$1 was equivalent to 47.00 Philippine pesos.