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Victorias Milling fiscal Q2 profit climbs YOY

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Victorias Milling fiscal Q2 profit climbs YOY

Victorias Milling Co. Inc. said its normalized net income for the fiscal second quarter ended Feb. 28 was 13 Philippine centavos per share, an increase of 32.4% 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 407.5 million pesos, compared with 405.2 million pesos in the prior-year period.

The normalized profit margin increased to 31.4% from 25.2% in the year-earlier period.

Total revenue declined 19.0% on an annual basis to 1.30 billion pesos from 1.61 billion pesos, and total operating expenses declined 23.8% year over year to 634.1 million pesos from 831.9 million pesos.

Reported net income decreased 16.1% on an annual basis to 456.5 million pesos, or 15 centavos per share, from 544.1 million pesos, or 14 centavos per share.

As of April 15, US$1 was equivalent to 44.47 Philippine pesos.