Island Information & Technology Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 came to a loss of 264,380 pesos, compared with a loss of 286,370 pesos in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
Total revenue held steady year over year at 60,000 pesos, and total operating expenses fell 14.8% on an annual basis to 203,000 pesos from 238,190 pesos.
Reported net income came to a loss of 423,000 pesos, or a loss of 0 centavos per share, compared to a loss of 458,190 pesos, or a loss of 0 centavos per share, in the year-earlier period.
As of March 15, US$1 was equivalent to 46.73 Philippine pesos.
