Leisure & Resorts World Corp. said its first-quarter normalized net income was 12 Philippine centavos per share, a gain from 6 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 143.3 million pesos, an increase of 99.3% from 71.9 million pesos in the year-earlier period.

The normalized profit margin declined to 6.9% from 8.8% in the year-earlier period.

Total revenue grew 45.5% on an annual basis to 1.18 billion pesos from 813.1 million pesos, and total operating expenses climbed 41.9% from the prior-year period to 977.8 million pesos from 688.8 million pesos.

Reported net income rose year over year to 231.0 million pesos, or 19 centavos per share, from 100.6 million pesos, or 8 centavos per share.

As of May 18, US$1 was equivalent to 44.46 Philippine pesos.