AgriNurture Inc. said its normalized net income for the second quarter came to a loss of 1.0 million pesos, compared with a loss of 24.3 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 increased to negative 0.1% from negative 2.5% in the year-earlier period.
Total revenue fell 17.3% on an annual basis to 797.9 million pesos from 965.4 million pesos, and total operating expenses decreased 12.3% from the prior-year period to 792.8 million pesos from 904.2 million pesos.
Reported net income totaled 1.4 million pesos, or 0 centavos per share, compared to a loss of 12.3 million pesos, or a loss of 2 centavos per share, in the prior-year period.
As of Aug. 17, US$1 was equivalent to 46.39 Philippine pesos.