Waterfront Philippines Inc. said its second-quarter normalized net income came to 30.8 million pesos, a gain of 93.5% from 15.9 million pesos in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 1.2% from 3.5% in the year-earlier period.

Total revenue increased 9.1% year over year to 496.6 million pesos from 455.1 million pesos, and total operating expenses increased on an annual basis to 429.8 million pesos from 424.3 million pesos.

Reported net income rose on an annual basis to 52.5 million pesos, or 2 centavos per share, from 19.0 million pesos, or 1 centavos per share.

As of Aug. 18, US$1 was equivalent to 46.31 Philippine pesos.