iPeople Inc. said its normalized net income for the first quarter amounted to 17 Philippine centavos per share, a gain of 12.9% from 15 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 121.6 million pesos, an increase from 119.0 million pesos in the year-earlier period.

The normalized profit margin fell to 21.1% from 22.0% in the year-earlier period.

Total revenue grew 6.7% on an annual basis to 577.3 million pesos from 541.1 million pesos, and total operating expenses rose 9.5% on an annual basis to 358.9 million pesos from 327.6 million pesos.

Reported net income grew year over year to 181.0 million pesos, or 26 centavos per share, from 177.0 million pesos, or 23 centavos per share.

As of May 18, US$1 was equivalent to 44.46 Philippine pesos.