Discovery World Corp. said its first-quarter normalized net income was 2 Philippine centavos per share, a decrease of 35.0% from 3 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 14.2 million pesos, a decrease of 35.2% from 21.9 million pesos in the year-earlier period.

The normalized profit margin dropped to 10.1% from 16.4% in the year-earlier period.

Total revenue climbed 5.4% on an annual basis to 140.5 million pesos from 133.4 million pesos, and total operating expenses increased 17.6% on an annual basis to 114.5 million pesos from 97.3 million pesos.

Reported net income fell 43.0% on an annual basis to 14.3 million pesos, or 2 centavos per share, from 25.1 million pesos, or 4 centavos per share.

As of May 19, US$1 was equivalent to 44.61 Philippine pesos.