Philab Holdings Corp. said its normalized net income for the first quarter came to a loss of 285,480 pesos, compared with a loss of 1.7 million pesos in the year-earlier period.

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

Reported net income came to a loss of 457,290 pesos, or a loss of 1 centavos per share, compared to a loss of 2.0 million pesos, or a loss of 3 centavos per share, in the prior-year period.

As of May 17, US$1 was equivalent to 46.39 Philippine pesos.