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Vitarich Q1 profit climbs YOY

Vitarich Corp. said its first-quarter normalized net income came to 24.7 million pesos, an increase from 9.3 million 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 2.1% from 1.4% in the year-earlier period.

Total revenue grew 70.1% year over year to 1.17 billion pesos from 685.3 million pesos, and total operating expenses rose 69.7% year over year to 1.13 billion pesos from 663.8 million pesos.

Reported net income came to 38.1 million pesos, or 1 centavos per share, compared to a loss of 62.6 million pesos, or a loss of 2 centavos per share, in the year-earlier period.

As of May 17, US$1 was equivalent to 46.39 Philippine pesos.