AgriNurture Inc. said its first-quarter normalized net income came to a loss of 4 Philippine centavos per share, compared with a loss of 3 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 25.1 million pesos, compared with a loss of 15.2 million pesos in the prior-year period.

The normalized profit margin declined to negative 3.6% from negative 1.5% in the year-earlier period.

Total revenue fell 30.4% year over year to 688.2 million pesos from 988.9 million pesos, and total operating expenses decreased 25.6% on an annual basis to 726.1 million pesos from 975.7 million pesos.

Reported net income came to a loss of 35.4 million pesos, or a loss of 6 centavos per share, compared to a loss of 26.3 million pesos, or a loss of 5 centavos per share, in the prior-year period.

As of May 21, US$1 was equivalent to 44.53 Philippine pesos.