Roxas & Co. Inc. said its normalized net income for the fiscal second quarter ended March 31 came to 1 Philippine centavos per share, a decrease of 22.3% from 2 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 15.9 million pesos, a decline of 68.5% from 50.5 million pesos in the year-earlier period.

The normalized profit margin dropped to 30.3% from 119.0% in the year-earlier period.

Total revenue grew 14.2% on an annual basis to 48.5 million pesos from 42.5 million pesos, and total operating expenses rose 79.6% on an annual basis to 69.6 million pesos from 38.8 million pesos.

Reported net income declined 68.9% year over year to 25.0 million pesos, or 2 centavos per share, from 80.3 million pesos, or 3 centavos per share.

As of May 18, US$1 was equivalent to 44.46 Philippine pesos.