Manila Jockey Club Inc. said its normalized net income for the first quarter amounted to a loss of 9.4 million pesos, compared with a loss of 2.4 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 dropped to negative 13.1% from negative 3.0% in the year-earlier period.
Total revenue decreased 11.9% year over year to 71.6 million pesos from 81.3 million pesos, and total operating expenses fell year over year to 99.7 million pesos from 104.1 million pesos.
Reported net income totaled a loss of 15.8 million pesos, or a loss of 2 centavos per share, compared to a loss of 4.7 million pesos, or a loss of 0 centavos per share, in the year-earlier period.
As of May 18, US$1 was equivalent to 44.46 Philippine pesos.