RFM Corp. said its normalized net income for the first quarter came to 5 Philippine centavos per share, a gain of 24.4% from 4 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 159.0 million pesos, a gain of 24.5% from 127.8 million pesos in the year-earlier period.

The normalized profit margin increased to 6.2% from 5.7% in the year-earlier period.

Total revenue climbed 14.9% on an annual basis to 2.57 billion pesos from 2.24 billion pesos, and total operating expenses increased 14.1% on an annual basis to 2.31 billion pesos from 2.02 billion pesos.

Reported net income came to 175.0 million pesos, or 5 centavos per share, compared to 175.0 million pesos, or 5 centavos per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 44.48 Philippine pesos.