Roxas Holdings Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to a loss of 109.4 million pesos, compared with income of 5.6 million 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 dropped to negative 4.0% from 0.5% in the year-earlier period.

Total revenue grew year over year to 2.71 billion pesos from 1.18 billion pesos, and total operating expenses grew from the prior-year period to 2.82 billion pesos from 1.13 billion pesos.

Reported net income totaled a loss of 121.0 million pesos, or a loss of 11 centavos per share, compared to income of 9.3 million pesos, or 1 centavos per share, in the prior-year period.

As of Feb. 12, US$1 was equivalent to 47.50 Philippine pesos.