Travellers International Hotel Group Inc. said its normalized net income for the second quarter amounted to 3 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 7 centavos per share.

EPS decreased 43.6% year over year from 5 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 413.5 million pesos, a decline of 43.6% from 733.2 million pesos in the prior-year period.

The normalized profit margin fell to 7.5% from 10.5% in the year-earlier period.

Total revenue decreased 20.9% year over year to 5.51 billion pesos from 6.96 billion pesos, and total operating expenses declined 20.3% on an annual basis to 4.72 billion pesos from 5.92 billion pesos.

Reported net income fell 46.5% year over year to 622.3 million pesos, or 4 centavos per share, from 1.16 billion pesos, or 7 centavos per share.

As of Aug. 14, US$1 was equivalent to 46.16 Philippine pesos.