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CVC Viagens Q1 profit climbs 33.4% YOY

CVC Brasil Operadora e Agência de Viagens SA said its normalized net income for the first quarter amounted to 38 Brazilian centavos per share, a gain of 31.5% from 29 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 51.2 million reais, an increase of 33.4% from 38.4 million reais in the prior-year period.

The normalized profit margin rose to 23.3% from 20.7% in the year-earlier period.

Total revenue grew 18.6% on an annual basis to 220.2 million reais from 185.7 million reais, and total operating expenses increased 20.2% from the prior-year period to 114.3 million reais from 95.1 million reais.

Reported net income increased 31.8% year over year to 52.2 million reais, or 39 centavos per share, from 39.6 million reais, or 30 centavos per share.

As of May 6, US$1 was equivalent to 3.04 reais.