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Solid Group Q1 loss narrows YOY

Solid Group Inc. said its normalized net income for the first quarter was a loss of 1 Philippine centavos per share, compared with a loss of 2 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 a loss of 23.5 million pesos, compared with a loss of 27.5 million pesos in the prior-year period.

The normalized profit margin fell to negative 3.6% from negative 3.3% in the year-earlier period.

Total revenue fell 22.1% on an annual basis to 650.2 million pesos from 835.0 million pesos, and total operating expenses decreased 22.5% on an annual basis to 691.4 million pesos from 892.2 million pesos.

Reported net income came to a loss of 54.1 million pesos, or a loss of 3 centavos per share, compared to a loss of 53.8 million pesos, or a loss of 3 centavos per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 44.53 Philippine pesos.