Boulevard Holdings Inc. said its normalized net income for the fiscal first quarter ended Aug. 31 was a loss of 888,900 pesos, compared with a loss of 1.4 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 climbed to negative 6.1% from negative 10.7% in the year-earlier period.

Total revenue rose 11.1% on an annual basis to 14.8 million pesos from 13.3 million pesos, and total operating expenses rose 13.9% year over year to 17.8 million pesos from 15.7 million pesos.

Reported net income totaled a loss of 2.0 million pesos, or a loss of 0 centavos per share, compared to a loss of 2.3 million pesos, or a loss of 0 centavos per share, in the prior-year period.

As of Oct. 20, US$1 was equivalent to 46.32 Philippine pesos.