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GMA Holdings Q1 profit falls YOY

GMA Holdings Inc. said its normalized net income for the first quarter amounted to 155,890 pesos, a decline from 159,230 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 climbed to 758.0% from 243.5% in the year-earlier period.

Total revenue decreased 68.5% year over year to 20,570 pesos from 65,400 pesos, and total operating expenses rose from the prior-year period to 116,950 pesos from 113,870 pesos.

Reported net income came to 149,020 pesos, compared with 210,010 pesos in the year-earlier period.

As of May 13, US$1 was equivalent to 46.65 Philippine pesos.