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Transpacific Broadband swings to profit in Q1

Transpacific Broadband Group International Inc. said its first-quarter normalized net income came to 91,140 pesos, compared with a loss of 280,830 pesos in the year-earlier period.

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

The normalized profit margin increased to 1.0% from negative 3.5% in the year-earlier period.

Total revenue increased 9.4% on an annual basis to 8.7 million pesos from 8.0 million pesos, and total operating expenses grew from the prior-year period to 8.3 million pesos from 8.1 million pesos.

Reported net income totaled 104,530 pesos, or 0 centavos per share, compared to a loss of 492,330 pesos, or a loss of 0 centavos per share, in the prior-year period.

As of May 6, US$1 was equivalent to 47.10 Philippine pesos.