Philippine Racing Club Inc. said its normalized net income for the third quarter amounted to a loss of 3 Philippine centavos per share, compared with a loss of 5 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 28.8 million pesos, compared with a loss of 28.6 million pesos in the year-earlier period.

The normalized profit margin fell to negative 59.0% from negative 56.2% in the year-earlier period.

Total revenue declined year over year to 48.8 million pesos from 50.9 million pesos, and total operating expenses decreased from the prior-year period to 92.8 million pesos from 95.2 million pesos.

Reported net income fell 85.1% from the prior-year period to 9.9 million pesos, or 1 centavo per share, from 66.2 million pesos, or 11 centavos per share.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.