Travellers International Hotel Group Inc. said its normalized net income for the first quarter amounted to 7 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 10 centavos per share.

EPS rose year over year from 7 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.10 billion pesos, a gain from 1.08 billion pesos in the year-earlier period.

The normalized profit margin increased to 15.7% from 14.5% in the year-earlier period.

Total revenue declined 6.5% year over year to 6.97 billion pesos from 7.46 billion pesos, and total operating expenses declined 6.8% from the prior-year period to 4.89 billion pesos from 5.24 billion pesos.

Reported net income rose year over year to 1.74 billion pesos, or 11 centavos per share, from 1.72 billion pesos, or 11 centavos per share.

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