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Vitarich Q2 loss widens YOY

Vitarich Corp. said its second-quarter normalized net income was a loss of 6.2 million pesos, compared with a loss of 6.0 million pesos in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 0.9% from negative 1.1% in the year-earlier period.

Total revenue grew 26.5% on an annual basis to 714.4 million pesos from 564.5 million pesos, and total operating expenses climbed 23.8% on an annual basis to 706.8 million pesos from 570.8 million pesos.

Reported net income totaled a loss of 9.0 million pesos, or a loss of 0 centavos per share, compared to income of 11.8 million pesos, or 0 centavos per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 46.16 Philippine pesos.