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JG Summit Holdings Q1 profit falls YOY

JG Summit Holdings Inc. said its normalized net income for the first quarter was 61 Philippine centavos per share, a decline of 25.2% from 82 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 4.39 billion pesos, a decrease of 25.2% from 5.87 billion pesos in the prior-year period.

The normalized profit margin declined to 6.5% from 9.7% in the year-earlier period.

Total revenue grew 11.4% year over year to 67.51 billion pesos from 60.59 billion pesos, and total operating expenses rose 17.9% from the prior-year period to 53.98 billion pesos from 45.80 billion pesos.

Reported net income fell 22.0% year over year to 7.51 billion pesos, or 1.05 pesos per share, from 9.63 billion pesos, or 1.34 pesos per share.

As of May 12, US$1 was equivalent to 49.71 Philippine pesos.