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Panasonic Manufacturing Philippines fiscal Q3 profit climbs YOY

Panasonic Manufacturing Philippines Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 5 Philippine centavos per share, an increase from 2 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 23.8 million pesos, a gain from 10.7 million pesos in the year-earlier period.

The normalized profit margin rose to 1.5% from 0.7% in the year-earlier period.

Total revenue grew 9.2% year over year to 1.59 billion pesos from 1.45 billion pesos, and total operating expenses increased 9.0% from the prior-year period to 1.58 billion pesos from 1.45 billion pesos.

Reported net income rose on an annual basis to 26.7 million pesos, or 6 centavos per share, from 10.2 million pesos, or 2 centavos per share.

As of Feb. 13, US$1 was equivalent to 44.23 Philippine pesos.