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Ginebra San Miguel swings to profit in Q2

Ginebra San Miguel Inc. said its normalized net income for the second quarter amounted to 3 Philippine centavos per share, compared with a loss of 18 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 9.7 million pesos, compared with a loss of 51.9 million pesos in the prior-year period.

The normalized profit margin climbed to 0.3% from negative 1.7% in the year-earlier period.

Total revenue grew 20.4% year over year to 3.79 billion pesos from 3.14 billion pesos, and total operating expenses increased 18.7% from the prior-year period to 3.65 billion pesos from 3.07 billion pesos.

Reported net income came to a loss of 7.6 million pesos, or a loss of 2 centavos per share, compared to a loss of 79.0 million pesos, or a loss of 27 centavos per share, in the prior-year period.

As of Aug. 17, US$1 was equivalent to 46.39 Philippine pesos.