Battistella Administração e Participações SA said its normalized net income for the first quarter came to a loss of 1.41 reais per share, compared with a loss of 72 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 a loss of 8.4 million reais, compared with a loss of 4.3 million reais in the prior-year period.

The normalized profit margin dropped to negative 12.7% from negative 2.3% in the year-earlier period.

Total revenue fell 62.5% on an annual basis to 70.0 million reais from 186.6 million reais, and total operating expenses declined 59.8% year over year to 74.2 million reais from 184.8 million reais.

Reported net income came to a loss of 21.1 million reais, or a loss of 3.52 reais per share, compared to a loss of 6.9 million reais, or a loss of 1.15 reais per share, in the prior-year period.

As of May 15, US$1 was equivalent to 2.98 reais.