Swift Foods Inc. said its normalized net income for the first quarter was a loss of 768,750 pesos, compared with a loss of 535,630 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 6.8% from negative 4.9% in the year-earlier period.

Total revenue grew year over year to 11.4 million pesos from 10.9 million pesos, and total operating expenses climbed 7.6% year over year to 12.7 million pesos from 11.8 million pesos.

Reported net income totaled a loss of 1.2 million pesos, or a loss of 0 centavos per share, compared to a loss of 857,000 pesos, or a loss of 0 centavos per share, in the prior-year period.

As of May 16, US$1 was equivalent to 46.47 Philippine pesos.