Grazziotin S.A. said its normalized net income for the first quarter came to 27 Brazilian centavos per share, an increase of 10.7% from 24 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 5.8 million reais, a gain of 11.0% from 5.2 million reais in the prior-year period.

The normalized profit margin climbed to 7.7% from 6.7% in the year-earlier period.

Total revenue came to 78.0 million reais, compared with 78.0 million reais in the year-earlier period, and total operating expenses rose from the prior-year period to 76.5 million reais from 75.7 million reais.

Reported net income rose 6.2% on an annual basis to 6.7 million reais, or 31 centavos per share, from 6.3 million reais, or 29 centavos per share.

As of April 29, US$1 was equivalent to 3.45 reais.