The Far Eastern University, Inc. said its normalized net income for the fiscal first quarter ended June 30 came to 3.38 Philippine pesos per share, a decline of 14.3% from 3.94 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 55.7 million pesos, a decrease of 14.3% from 65.0 million pesos in the year-earlier period.

The normalized profit margin declined to 13.8% from 18.4% in the year-earlier period.

Total revenue rose on an annual basis to 368.8 million pesos from 353.2 million pesos, and total operating expenses climbed year over year to 317.4 million pesos from 303.0 million pesos.

Reported net income decreased 10.9% on an annual basis to 79.1 million pesos, or 4.80 pesos per share, from 88.8 million pesos, or 5.39 pesos per share.

As of July 28, US$1 was equivalent to 43.38 Philippine pesos.