DFNN Inc. said its first-quarter normalized net income amounted to a loss of 3 Philippine centavos per share, compared with a loss of 2 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 6.9 million pesos, compared with a loss of 3.7 million pesos in the year-earlier period.

The normalized profit margin declined to negative 24.7% from negative 15.1% in the year-earlier period.

Total revenue rose year over year to 58.0 million pesos from 24.7 million pesos, and total operating expenses grew 98.1% year over year to 67.2 million pesos from 33.9 million pesos.

Reported net income totaled a loss of 10.4 million pesos, or a loss of 4 centavos per share, compared to a loss of 5.4 million pesos, or a loss of 4 centavos per share, in the year-earlier period.

As of May 17, US$1 was equivalent to 46.39 Philippine pesos.