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Panasonic Manufacturing Philippines fiscal Q3 profit climbs YOY

Panasonic Manufacturing Philippines Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 11 Philippine centavos per share, an increase from 5 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 47.7 million pesos, an increase from 23.8 million pesos in the prior-year period.

The normalized profit margin rose to 2.3% from 1.5% in the year-earlier period.

Total revenue rose 32.0% year over year to 2.10 billion pesos from 1.59 billion pesos, and total operating expenses grew 28.7% from the prior-year period to 2.03 billion pesos from 1.58 billion pesos.

Reported net income increased on an annual basis to 56.8 million pesos, or 13 centavos per share, from 26.7 million pesos, or 6 centavos per share.

As of Feb. 19, US$1 was equivalent to 47.63 Philippine pesos.