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Philweb Q2 profit falls YOY

PhilWeb Corp. said its second-quarter normalized net income came to 13 Philippine centavos per share, a decrease from 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 152.5 million pesos, a decline from 156.6 million pesos in the year-earlier period.

The normalized profit margin increased to 41.8% from 37.8% in the year-earlier period.

Total revenue fell on an annual basis to 400.9 million pesos from 414.6 million pesos, and total operating expenses totaled 155.0 million pesos, compared with 155.1 million pesos in the year-earlier period.

Reported net income declined from the prior-year period to 201.6 million pesos, or 17 centavos per share, from 211.8 million pesos, or 18 centavos per share.

As of Aug. 11, US$1 was equivalent to 46.19 Philippine pesos.