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Itautec SA - Grupo Itautec Q1 loss narrows YOY

Itautec S.A. - Grupo Itautec said its normalized net income for the first quarter came to a loss of 20 Brazilian centavos per share, compared with a loss of 57 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 a loss of 2.2 million reais, compared with a loss of 6.4 million reais in the year-earlier period.

The normalized profit margin fell to negative 84.7% from negative 63.8% in the year-earlier period.

Total revenue declined 73.9% year over year to 2.6 million reais from 10.0 million reais, and total operating expenses decreased 40.2% from the prior-year period to 12.1 million reais from 20.2 million reais.

Reported net income came to a loss of 12.1 million reais, or a loss of 1.08 reais per share, compared to a loss of 11.6 million reais, or a loss of 1.03 reais per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 3.54 reais.