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SSI Group Q1 profit falls YOY

SSI Group Inc. said its first-quarter normalized net income was 4 Philippine centavos per share, a decline of 59.2% from 10 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 129.7 million pesos, a decrease of 49.4% from 256.1 million pesos in the year-earlier period.

The normalized profit margin fell to 3.1% from 6.3% in the year-earlier period.

Total revenue climbed 6.9% year over year to 4.31 billion pesos from 4.03 billion pesos, and total operating expenses rose 13.5% from the prior-year period to 3.99 billion pesos from 3.52 billion pesos.

Reported net income declined 54.5% year over year to 121.6 million pesos, or 4 centavos per share, from 267.0 million pesos, or 10 centavos per share.

As of May 13, US$1 was equivalent to 46.65 Philippine pesos.