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JG Summit Holdings profit misses consensus by 25.8% in Q1

JG Summit Holdings Inc. said its normalized net income for the first quarter amounted to 82 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 1.10 pesos per share.

EPS climbed 71.6% year over year from 48 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.87 billion pesos, a gain of 72.2% from 3.41 billion pesos in the prior-year period.

The normalized profit margin climbed to 9.7% from 6.0% in the year-earlier period.

Total revenue grew 6.2% on an annual basis to 60.59 billion pesos from 57.05 billion pesos, and total operating expenses grew year over year to 45.80 billion pesos from 45.31 billion pesos.

Reported net income grew 60.9% year over year to 9.63 billion pesos, or 1.34 pesos per share, from 5.98 billion pesos, or 84 centavos per share.

As of May 16, US$1 was equivalent to 46.47 Philippine pesos.