Macay Holdings Inc. said its first-quarter normalized net income was 34 Philippine centavos per share, an increase from 33 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 363.4 million pesos, a gain from 350.7 million pesos in the prior-year period.

The normalized profit margin rose to 14.5% from 14.3% in the year-earlier period.

Total revenue grew year over year to 2.54 billion pesos from 2.46 billion pesos, and total operating expenses climbed year over year to 1.98 billion pesos from 1.92 billion pesos.

Reported net income decreased 6.8% from the prior-year period to 403.9 million pesos, or 38 centavos per share, from 433.5 million pesos, or 41 centavos per share.

As of July 9, US$1 was equivalent to 45.15 Philippine pesos.