Colegios Peruanos SA said its normalized net income for the first quarter came to a loss of 1.6 million soles, compared with a loss of 7.8 million soles in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 6.8% from negative 46.8% in the year-earlier period.

Total revenue increased 44.5% on an annual basis to 24.1 million soles from 16.7 million soles, and total operating expenses increased 34.9% on an annual basis to 23.8 million soles from 17.7 million soles.

Reported net income totaled a loss of 3.4 million soles, or a loss of 15 céntimos per share, compared to a loss of 12.8 million soles in the year-earlier period.

As of May 2, US$1 was equivalent to 3.29 soles.