PXP Energy Corporation (PXP) reported a narrower net loss in the first quarter of this year compared to the same period last year due mainly to foreign exchange gains and lower group overhead expenses.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, PXP said it incurred a consolidated net loss attributable to equity holders of the parent company of P5.3 million in the first quarter against a corresponding loss of P11.8 million during the same period last year.