Emperador Inc. said its first-quarter normalized net income came to 7 Philippine centavos per share, a decline of 23.5% from 9 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 1.10 billion pesos, a decline of 21.0% from 1.39 billion pesos in the year-earlier period.

The normalized profit margin fell to 12.4% from 18.1% in the year-earlier period.

Total revenue grew 15.6% on an annual basis to 8.89 billion pesos from 7.69 billion pesos, and total operating expenses climbed 27.9% from the prior-year period to 6.99 billion pesos from 5.47 billion pesos.

Reported net income fell 18.4% on an annual basis to 1.40 billion pesos, or 9 centavos per share, from 1.72 billion pesos, or 11 centavos per share.

As of May 20, US$1 was equivalent to 44.56 Philippine pesos.