NOW Corp. said its first-quarter normalized net income was a loss of 2.2 million pesos, compared with a loss of 1.4 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 fell to negative 19.1% from negative 10.1% in the year-earlier period.

Total revenue declined 24.4% year over year to 10.4 million pesos from 13.7 million pesos, and total operating expenses declined 6.4% from the prior-year period to 14.6 million pesos from 15.5 million pesos.

Reported net income totaled a loss of 3.5 million pesos, or a loss of 0 centavos per share, compared to a loss of 2.2 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of May 2, US$1 was equivalent to 47.03 Philippine pesos.