Macay Holdings Inc. said its third-quarter normalized net income was 35 Philippine centavos per share, an increase from 33 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 367.6 million pesos, a gain from 358.0 million pesos in the prior-year period.

The normalized profit margin dropped to 13.8% from 14.3% in the year-earlier period.

Total revenue increased 6.9% on an annual basis to 2.68 billion pesos from 2.51 billion pesos, and total operating expenses rose 7.6% year over year to 2.10 billion pesos from 1.95 billion pesos.

Reported net income increased year over year to 414.6 million pesos, or 39 centavos per share, from 399.9 million pesos, or 37 centavos per share.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.