Inversiones Venecia SA said its normalized net income for the first quarter came to 86.1 million pesos, a decrease of 86.2% from 622.6 million pesos in the prior-year period.

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

The normalized profit margin dropped to 9.2% from 89.5% in the year-earlier period.

Total revenue rose 34.2% year over year to 932.8 million pesos from 695.2 million pesos, and total operating expenses grew year over year to 838.4 million pesos from 373.1 million pesos.

Reported net income totaled 97.0 million pesos, compared with 655.0 million pesos, or 10.48 pesos per share, in the prior-year period.

As of June 2, US$1 was equivalent to 2,554.34 Colombian pesos.